Mark Carney Wins Liberal Leadership Race

Carney Carries It!

Mark Carney, former Governor of the Bank of Canada and the Bank of England, was elected the federal Liberal Leader today with 85.9% of the vote, securing the position on the first ballot. His election is following the departure of Justin Trudeau and will become the 24th Prime Minister of Canada.

The Sophisticated Banker

Carney, a graduate of Harvard and Oxford, started working for Goldman Sachs in multiple locations around the world for 13 years. He then worked in the government starting in 2003, serving in multiple financial ministries under Liberal Prime Ministers Jean Chretien, Paul Martin, and Conservative Prime Minister Stephen Harper. 

EuroTrip

After serving 10 years in service with the Canadian government, Carney then went overseas to become the Governor of the Bank of England in 2013. There, he helped navigate the country’s fiscal policy through the lingering effects of the Great Recession and during the aftermath of Brexit.

Return the Private Sector

Carney left his Bank of England post in 2020 and became vice chairman of Brookfield Asset Management, in charge of its ESG division and worked in numerous initiatives regarding Climate Change, both in fintech and for the UN. In 2024, he joined the Liberal government as chair of the Liberal task force on economic growth.

Finally, a Candidate!

After years of speculation on when he’d run for office, Carney finally made the plunge in January 2025, running to become head of the Liberal Party following the resignation of Justin Trudeau. While the race was initially closer between him and a former Deputy PM Chrystia Freeland, Carney secured key endorsements from Steve MacKinnon, François-Philippe Champagne, and Mélanie Joly and pulled ahead of the pack.

The Resurgent Liberals

Following Trudeau's departure and the tariff and annexation threats posed by U.S. President Donald Trump, the Liberals have surged in the polls, pulling close with the Conservatives with some showing the Liberals even winning, a concept considered unthinkable just months ago. 

Election Dilemma

With the polls showing the best numbers for the Liberals in years, Carney would be well positioned to call a much anticipated election right away. The longer he waits, the more Trudeau’s unpopularity starts to rub off on him. However, there are concerns about his ability to campaign and if he flounders, expect Pierre Poilievre and the Conservatives to surge ahead once again.