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Page last updated at 08:24 GMT, Tuesday, 27 November 2012

New Bank of England governor 'has credibility'

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.

The BBC's business editor Robert Peston pointed out the this five year appointment to the post, rather than the usual eight years, means that "he looks like a slightly reluctant new governor".

Rachel Lomax, a former deputy governor of the Bank of England, told Today presenter Justin Webb that "what is exciting" about Mr Carney has an almost "unique depth of experience" which gives him "credibility when dealing with financial markets".

"More things will be on the table for discussion," she added.

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