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Bank of England names new governor

Bank of England has appointed Mark Carney, the head of the Canadian central bank, as its new governor, who will succeed Mervyn King from July 2013.

Commenting on the appointment, King said Carney will provide valuable continuity in the crucial area of monetary policy.

In addition to this, The Queen has also approved the reappointment of Charles Bean as Deputy Governor of the Bank of England for Monetary Policy from 1 July 2013.

In order to help manage extension of the bank’s responsibilities and transition to the new governor, Bean has agreed to stay on for a year and will retire on 30 June 2014.

Founded in 1694, the Bank of England is the central bank of the country, responsible for promoting and maintaining monetary and financial stability.