26 November 2012 Last updated at 10:35 ET
Mark Carney has been named as the new governor of the Bank of England, Chancellor George Osborne has announced.
Mr Carney, the governor of the Canadian central bank, will serve a fixed term of eight years and will hold new regulatory powers over banks.
Mr Carney was a surprise choice for the head of the UK’s central bank.
The post is seen as one of the most important positions in the stewardship of the UK economy.
Current governor Sir Mervyn King steps down from the post next June.
Carney named as new Bank governor http://news.bbcimg.co.uk/media/images/51606000/jpg/_51606573_fa1d16c0-9c6c-4f82-b0b8-ab66ddd94f78.jpg
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