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Mark Carney 'honoured' to be Bank of England governor

26 November 2012 Last updated at 16:56 GMT

Mark Carney has been named as the new governor of the Bank of England by Chancellor George Osborne.

Mr Carney, the governor of the Canadian central bank, will serve for five years and hold new regulatory powers over banks.

He said he was "honoured to accept this important and demanding role", and outlined what he felt he could bring to the position.