Mark Carney named new Bank of England governor

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 will hold new regulatory powers over banks.

He was a surprise choice for the head of the UK's central bank and had previously ruled himself out.

Current governor Sir Mervyn King steps down from the post next June.

Stephanie Flanders reports.

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