Carney sets his sights on leadership as Canada faces election countdown

Mark Carney, the former governor of the Bank of England, has joined the race to succeed Justin Trudeau as leader of Canada’s ruling Liberal Party.

His announcement comes just over a week after Trudeau stepped down, amid dismal polls and growing dissatisfaction with his MPs, ending a nine-year spell at the helm of Canadian politics.

Carney, 59, is scheduled to run for the leadership of the Liberal Party on March 9, with a general election to follow shortly after. The Liberals, who have been in power since 2015, are widely expected to lose, as the Canadian Conservatives – led by populist Pierre Poilievre – lead by a large margin in the polls.

“I’m doing this because Canada is the best country in the world, but it could be better,” Carney said in his hometown of Edmonton, Alberta. He identified the country’s most pressing issues, including stagnant wages, the climate crisis, rising house prices, and the threat of a new tariff war with former US President Donald Trump.

Carney is likely to emphasize his financial credentials, having overseen the Bank of Canada and the Bank of England, and is the only person to lead two G7 central banks. “I am here to gain your trust,” he said. “I am here to ask for your support.”

Carney’s main rival in the leadership race appears to be Chrystia Freeland, 56, the former finance minister whose recent resignation over disagreements with Trudeau led to his departure. Once a new party leader is chosen in March, a vote of confidence is expected to trigger a general election later in the year.

Poilievre, 45, leads the Conservative Party and is a strong candidate to become Canada’s next prime minister. His pledges to rein in the national budget, crack down on crime and scrap carbon taxes have resonated with disillusioned voters. He has dismissed Carney in the past as “the ultimate liberal insider” and “just like Justin.”