Ex-Bank of England chief Mark Carney enters race to replace Trudeau as Canada's PM

If he is successful, the 59-year-old will succeed Prime Minister Trudeau and will lead Canada into the next general election, which will take place later this year.

Trudeau announced he would resign after nine years in office once a new Liberal leader is selected, following a rebellion by his own cabinet.

Carney said in his launch announcement: "I'm doing this because Canada is the best country in the world, but it could still be even better.

"People are anxious, no wonder... Too many people are falling behind... I've helped managed multiple crises and I've helped save two economies...

"I know how business works, and I know how to make it work for you."

Carney's father, Bob Carney, ran for the Liberals federally in 1980 in the riding of Edmonton-South, coming in second to Douglas Roche, a Progressive Conservative.

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Carney told his launch event the country faced challenges that he was prepared to take on.

He said: "My generation of Canadians is lucky... We had a good time. A time to prosper. The system that our parents built worked well for us. But those good old times, my friends, are over. Our times are anything but ordinary."

In 2023, Carney blamed stubbornly high inflation in Britain on Brexit, claiming he had warned the public that leaving the European Union would damage the economy.

He also endorsed Labour's then-shadow Chancellor Rachel Reeves, saying: "She began her career at the Bank of England, so she understands the big picture... But, crucially, she understands the economics of work, of place and family. And, look, it is beyond time we put her energy and ideas into action."

Carney, who served as an informal economic adviser to Prime Minister Trudeau during the covid pandemic, is looking to distance himself from Trudeau’s recent policy struggles, including soaring housing costs, an overstretched health care system and high prices for everyday goods.

He will also be wary of events south of the border, as President-elect Donald Trump has threatened to impose a 25 per cent tariff on all Canadian goods exported to the US.

While the move would likely have a severe impact on Canada’s economy, economists warned there is a chance the move it would have a knock on impact on the US.