Page last updated at 16:40 GMT, Monday, 26 November 2012

Bank of England statement

Commercial Secretary to the Treasury Lord Sassoon has made an announcement in the Lords on the new governor of the Bank of England.

Lord Sassoon told peers on 26 November 2012 that Mark Carney - who runs the Bank of Canada - will replace out-going governor Sir Mervyn King.

Lord Sassoon was repeating a statement made earlier in the day in the Commons by Chancellor George Osborne.

Mr Osborne said Mr Carney was the "best, most experienced, most qualified person in the world" to take on the job and steer the country "through these incredibly challenging economic times".

Labour commended the government on its choice but wanted to know why the announcement had been brought forward, believing it was planned for the forthcoming autumn statement.

Lord Sassoon said this was "pure speculation" and denied the announcement had been made sooner than planned.

Sir Mervyn, who has held the position since 2003, is due to step down at the end of a second five-year term in summer 2013.

Mr Carney will serve one eight-year term on taking up the role.

According to convention, the responsibility for appointing a governor lies with the Crown. In practice, this means it is the decision of the prime minister and chancellor.

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