Mark Carney has been named by Chancellor George Osborne as the next governor of the Bank of England.
The current governor of the Bank of Canada, 47 year old Mr Carney will replace Sir Mervyn King in July next year, after holding the role for a decade. A surprise choice for the head of the UK's central bank, Mr Carney had previously ruled himself out of the role.
George Osborne told the House of Commons that Mr Carney, who was once managing director of Goldman Sachs, will bring a "fresh perspective". Osborne added that Sir Mervyn had served as governor "with great distinction and integrity".
Shadow Chancellor Ed Balls has said that Carney's appointment was "a good judgment".
During his fixed five year term Mr Carney will oversee the new regulatory powers given to the Bank of England, with the Financial Services Authority (FSA) being scrapped.
Paul Tucker, the current deputy governor of the Bank of England, had been the hot favourite leading up to Osborne's announcement.
Written and presented by Alfred Joyner