Carney picked to lead Bank of England; first foreign head

Associated Press

OTTAWA - Bank of Canada Governor Mark Carney will become head of the Bank of England next summer.

Finance Minister Jim Flaherty called it a bittersweet moment as he announced Carney's new job.

Flaherty says it's the first time a foreigner has been tabbed to run Britain's venerable national bank.

Carney was appointed to run the Bank of Canada in February 2008 and led it through a tough recession.

He will stay on at the Canadian bank until June 1 and move to his new job on July 1.

He replaces Sir Mervyn King.

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