Mark Carney, the Bank of Canada Governor, was yesterday named as the UK government’s choice to succeed Mervyn King, who retires as the Bank of England Governor next year.

Carney boasts a wealth of experience as a central bank governor and as a global regulator. He was Governor of the Bank of Canada and helped that country ride out the worst of the credit crisis, and was appointed the head of the Financial Stability Board last year, where he oversees the regulatory agenda of the Group of 20 leading industrialised and emerging economies.