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Mark Carney

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Mark Carney
Born (1965-03-16) March 16, 1965 (age 61)
Fort Smith, Northwest Territories, Canada
Occupation(s)Economist, politician
Years active1987–present
Known for24th Prime Minister of Canada, Governor of the Bank of Canada, Governor of the Bank of England

Mark Joseph Carney (born March 16, 1965) is a Canadian economist and politician who has held the office of the 24th Prime Minister of Canada since 2025. He has also served as the Liberal Party leader and Member of Parliament for Nepean from 2025 onward.

Carney was born in Fort Smith, Northwest Territories and grew up in Edmonton, Alberta. He completed his undergraduate studies in economics at Harvard University in 1987, followed by graduate degrees—a master's and doctorate—in economics from the University of Oxford in 1993 and 1995, respectively. His early career included a position at investment bank Goldman Sachs, after which he joined the Bank of Canada as deputy governor in 2003. The following year, he was appointed senior associate deputy minister at the Department of Finance Canada. Carney held the role of the eighth governor of the Bank of Canada between 2008 and 2013, guiding Canadian monetary policy through the challenges of the 2008 financial crisis. Simultaneously, he chaired the Financial Stability Board from 2011 until 2018.

Subsequently, Carney became the 120th governor of the Bank of England, a position he occupied from 2013 to 2020. During this tenure, he directed the British central bank’s response to both Brexit and the initial stages of the COVID-19 pandemic.

Following his central banking career, Carney took on executive roles including chairmanship at Bloomberg L.P. and leadership in impact investing at Brookfield Asset Management. In December 2019, United Nations Secretary-General António Guterres named him Special Envoy on Climate Action and Finance. Carney also advised Prime Minister Justin Trudeau throughout the COVID-19 crisis and led the Liberal Party’s economic growth task force beginning in September 2024. In 2023, he was appointed co-chair of the World Bank’s private sector investment initiative.

After Trudeau announced his intention to step down in January 2025, Carney entered the Liberal leadership race and secured a decisive victory by March. Shortly thereafter, he was sworn in as prime minister and recommended dissolving Parliament to prompt a federal election. Heading the Liberals to a minority government, Carney reversed earlier unfavorable polling trends, achieving a fourth consecutive mandate for the party since 2015 while winning his inaugural parliamentary seat. As prime minister, he repealed the federal carbon tax affecting consumers and enacted the One Canadian Economy Act amid a trade conflict with the United States—this legislation eliminated internal trade barriers and expedited infrastructure development. His administration also unveiled plans for a substantial boost in defense spending and extended conditional recognition to the State of Palestine.

Early life and education

Mark Joseph Carney was born on March 16, 1965, in Fort Smith, Northwest Territories, before being raised in Edmonton, Alberta. He grew up alongside three siblings: an elder brother Seán, an elder sister Brenda, and a younger brother Brian. When Carney was six years old, his family relocated to Edmonton’s Laurier Heights neighborhood. His parents are Verlie Margaret (née Kemper), who transitioned from homemaker to educator, and Robert James Carney, who served as a high school principal and professor at the University of Alberta. Notably, his father ran as a Liberal candidate for Edmonton South in the 1980 federal election but finished second. On his maternal side, three of Carney’s four grandparents hailed from County Mayo in Ireland.

Carney completed his high school education at St. Francis Xavier High School in 1983. He then enrolled at Harvard University, benefiting from partial scholarships and financial aid packages. While at Harvard, he played as a backup goalie on the varsity ice hockey team and graduated magna cum laude with an economics degree in 1987. During his time there, he resided at Winthrop House and shared accommodations with Peter Chiarelli, who later became an NHL general manager.

He pursued advanced studies at the University of Oxford, earning an MPhil in 1993 followed by a DPhil in economics in 1995 from St Peter's College and Nuffield College. His master's thesis examined competitive advantage along with national champions; his doctoral dissertation focused on "The dynamic advantage of competition". Additionally, he served as co-captain of the Oxford University Ice Hockey Club during his tenure.

In 2021, Carney was elected to Harvard University's Board of Overseers for a term extending through 2027; however, he resigned early in 2025 upon assuming leadership of the Liberal Party.

Financial career

Carney dedicated thirteen years to Goldman Sachs, serving in their offices across Boston, London, New York, Tokyo, and Toronto. His career progressed through various positions, including co-head of sovereign risk, executive director for emerging debt capital markets, and ultimately managing director for investment banking. He played a significant role in facilitating South Africa's integration into international bond markets following apartheid and was actively engaged in Goldman's handling of the 1998 Russian financial crisis.

In 2003, Carney transitioned from Goldman Sachs to take on the role of deputy governor at the Bank of Canada. The following year, on November 15, 2004, he joined the Department of Finance Canada as senior associate deputy minister.

Between 2004 and 2007, Carney held the position of senior associate deputy minister and served as G7 deputy under finance ministers Ralph Goodale (Liberal) and Jim Flaherty (Conservative). During this period, he directed the government's contentious initiative to impose source taxation on income trusts and managed the successful divestment of its 19% ownership in Petro-Canada.

Governor of the Bank of Canada (2008–2013)

In October 2007, Carney was named Governor of the Bank of Canada, officially commencing his tenure on February 1, 2008, succeeding David A. Dodge. He was selected over senior deputy governor Paul Jenkins. At that time, Carney was the youngest central bank governor among the nations of the G8 and G20.

2008 financial crisis

Carney’s stewardship during the 2008 financial crisis is widely credited with mitigating its impact on Canada. Early in his term, he reduced the overnight interest rate by 50 basis points in March 2008. Contrary to other major central banks that raised rates, Carney foresaw the global repercussions stemming from the leveraged-loan turmoil. Upon reaching the effective lower bound for rates, the Bank of Canada introduced a "conditional commitment" in April 2009 to maintain low rates for a minimum of one year, which enhanced credit availability and bolstered market confidence. This monetary policy stimulus was instrumental in enabling Canada's relatively swift recovery in economic output and employment compared to other G7 countries.

The Bank of Canada's extensive liquidity provisions combined with its dedication to maintaining ultra-low interest rates played a crucial role in stabilizing the nation's financial system. Nevertheless, these measures also contributed to escalating housing prices and increasing household debt levels. In 2012, Carney acknowledged concerns regarding housing market overvaluation but attributed responsibility primarily to borrowers, financial institutions, and mortgage regulations rather than low interest rates alone. Prior to his move to the Bank of England, there were growing calls for rate increases amid record household indebtedness and an overheated housing sector.

Canada’s prudent fiscal policies and regulatory environment further insulated its economy during the crisis. Canadian banks remained well-capitalized throughout, enabling them to seize opportunities that were unavailable to their American and European counterparts.

Carney earned multiple honors for his crisis leadership, including being named among the Financial Times "Fifty who will frame the way forward," inclusion in Time Magazines 2010 Time 100, and recognition as "Editor's Choice for Most Trusted Canadian" by Reader's Digest in 2011. In 2012, Euromoney magazine awarded him the title "Central Bank Governor of the Year."

Memberships in International Organizations

From July 2010 until January 2012, Carney held the position of chairman for the Bank for International Settlements' Committee on the Global Financial System.

He was also affiliated with the Group of Thirty, an international consortium comprising prominent financiers and scholars, and participated as a member of the Foundation Board at the World Economic Forum. Additionally, Carney was present at the annual meetings of the Bilderberg Group in 2011, 2012, and 2019.

On November 4, 2011, Carney was named chairman of the Basel-based Financial Stability Board, an organization that coordinates financial regulatory authorities worldwide. He credited this appointment to Canada's robust financial framework and its leadership role in global reform initiatives.

This part-time commitment spanned three years, enabling him to fulfill his obligations at the Bank of Canada concurrently. Shortly after his appointment, the FSB released a list identifying 29 banks considered systemically critical to the global economy. At his inaugural press briefing in January 2012, Carney highlighted essential goals for enhancing financial stability. He secured a second term in November 2014, which lasted until 2018 during his service at the Bank of England.

Governor of the Bank of England (2013–2020)

On November 26, 2012, Chancellor of the Exchequer George Osborne declared Carney’s selection as Governor of the Bank of England, succeeding Sir Mervyn King effective July 1, 2013. He became the first non-British individual to occupy this role since the institution’s establishment in 1694. Beginning in 2013, the Bank acquired additional authority, such as setting bank capital standards. Although governors generally serve eight-year terms, Carney planned a five-year tenure concluding in 2018.

Prior to taking office, Carney publicly contested views held by Andy Haldane, then Executive Director of Financial Stability at the Bank, regarding leverage ratios and potential bank break-ups, asserting that Haldane did not possess a "proper understanding of the facts" concerning regulatory matters. His remuneration was reported to be approximately £624,000 (equivalent to US$844,000), which was roughly £100,000 higher than that of his predecessor.

During his governorship, Carney managed the Bank’s assumption of financial regulatory responsibilities from the Financial Services Authority. He modernized operations by enhancing media relations and made significant statements during two national referendums. One notable policy he introduced was "forward guidance," which linked interest rate increases to unemployment remaining below a threshold of 7%, with an objective to encourage lending. This approach later faced criticism for its complexity.

In May 2014, Carney identified an overheated housing market in the UK as a significant financial threat and contemplated advising on the Help to Buy mortgage initiative—an action some critics believed contributed to rising prices. He attributed elevated housing costs and affordability challenges primarily to supply constraints, noting that Canada constructed twice as many homes despite having only half the population. While acknowledging that foreign cash buyers in London were beyond his regulatory reach, Carney maintained they posed minimal risk on a national scale and assured ongoing monitoring to prevent excessive debt accumulation that could destabilize markets.

Carney also cautioned in 2014 that Scottish independence might imperil continued use of the pound sterling without shared governance arrangements. In 2015, he reduced the frequency of annual interest rate meetings from twelve to eight and required publication of meeting minutes.

Ahead of the 2016 Brexit referendum, Carney warned that exiting the European Union could lead to an economic downturn. Following Prime Minister David Cameron's resignation and the referendum outcome favoring Brexit, Carney reassured financial markets about continued system stability. Subsequently, the Bank lowered interest rates from 0.5% to 0.25% and reinstated quantitative easing. At requests from Prime Minister Theresa May and Chancellor Philip Hammond, Carney extended his term by one year during Brexit negotiations, then by seven months in September 2018 to ensure a "smooth exit," and finally by two additional months to facilitate an orderly handover to his successor Andrew Bailey.

Just prior to his departure in March 2020 amid the onset of the COVID-19 pandemic in the United Kingdom, Carney led efforts at the Bank to reduce interest rates by half a percentage point as a preemptive measure against anticipated economic disruptions.

Post-governorship activities (2020–2024)

In 2020, Carney provided counsel to Canadian Prime Minister Justin Trudeau regarding the government's economic measures in response to the COVID-19 pandemic, playing a key role in shaping Canada's recovery plans amid fears of recession. This advisory position fueled rumors that Carney might assume the role of Canada's Minister of Finance or even succeed Trudeau as prime minister if he stepped down.

By October 2020, Carney held the position of vice chairman at Brookfield Asset Management (BAM), where he directed the firm’s investment approach focused on environmental, social, and governance (ESG) criteria and impact funds. In February 2021, he retracted an earlier assertion that Brookfield’s $600 billion portfolio was carbon neutral, conceding to critiques about the accounting methods related to fossil fuel holdings.

During 2020, Carney founded the Taskforce on Scaling Voluntary Carbon Markets (TSVCM) with the objective of expanding voluntary carbon offset trading. Sponsored by the Institute of International Finance, this initiative brought together executives from prominent companies including Bank of America, BlackRock, Goldman Sachs, and Total SE. Carney highlighted the critical role of this market in emissions reduction, with London set to launch a pilot market by December 2021.

In February 2021, Carney joined the board of fintech firm Stripe (company). He also serves as co-chair of the Glasgow Financial Alliance for Net Zero (GFANZ), which was introduced at COP26 in November 2021. From 2022 until January 2025, he acted as an advisor to Watershed, a climate technology company dedicated to supporting corporate success within the green economy. In August 2023, Michael Bloomberg appointed Carney as chair of the newly formed board for Bloomberg L.P. amid a leadership transition.

In September 2024, Carney was named special adviser and chair of the Liberal Party’s economic growth task force. Shortly thereafter, reports revealed that Brookfield Asset Management had requested CAD 10 billion from the federal government to establish a $50 billion Canada-only asset fund. Since Carney's involvement was through his party role rather than an official government appointment, he was not subject to the usual ethical disclosure requirements applied to prime ministerial advisors.

Political origins

In 2012, Canadian Prime Minister Stephen Harper invited Carney—then serving as governor of the Bank of Canada—to join the Conservative government as finance minister. Carney declined this offer, explaining in a 2025 interview with the CBC that transitioning directly from central bank governor to elected office was "not appropriate."

The Liberal Party also approached Carney about running for their leadership in the 2013 race; however, he ultimately decided against pursuing this path.

As his tenure as governor of the Bank of England concluded, Carney was appointed United Nations special envoy for climate action and finance in March 2020. Earlier that year, UK Prime Minister Boris Johnson designated him finance advisor for the UK’s presidency of the COP26 United Nations Climate Change conference in Glasgow—originally scheduled for November 2020 but postponed until November 2021.

In 2021, Carney voiced support for the Liberal Party during their policy convention but refrained from committing to a candidacy. He later ruled out standing in the 2021 Canadian federal election due to responsibilities connected with COP26.

Carney endorsed Catherine McKenney in their bid for mayor of Ottawa during the 2022 municipal election.

In October 2023, he publicly supported UK Labour Party's Shadow Chancellor Rachel Reeves as a prospective next chancellor of the exchequer. Following Labour’s victory in the 2024 general election, Carney participated in a taskforce responsible for establishing a British National Wealth Fund.

On September 9, 2024, Carney was appointed by Justin Trudeau to lead the Liberal Party of Canada's Task Force on Economic Growth. Although his name surfaced as a potential candidate for finance minister after Chrystia Freeland resigned from that post, he ultimately did not join Trudeau’s cabinet.

2025 Leadership Contest

On January 16, 2025, Carney declared his intention to run in the 2025 Liberal Party of Canada leadership election. To fully dedicate himself to the campaign, he stepped down from all executive, board, and advisory positions. By February 9, his campaign had amassed more than $1.9 million from upwards of 11,000 contributors and earned endorsements from 66 members of the Liberal caucus. Carney secured the leadership on the initial ballot, achieving over 85.9% support, winning every one of the 343 electoral districts and exceeding Justin Trudeau’s margin from 2013.

44th Parliament

Five days following his leadership victory, on March 14, 2025, Carney was officially sworn in as Canada’s 24th prime minister of Canada, marking the beginning of the 30th Canadian Ministry. Upon assuming office, he became the first prime minister born in a Canadian territory rather than a province and only the third born west of Ontario, after Joe Clark and Kim Campbell. He is also the second prime minister holding a PhD—following William Lyon Mackenzie King—and notably the first to take office without any prior elected experience or membership in the House of Commons.

Carney’s inaugural policy act was to abolish the consumer carbon tax by April 1, while ensuring that carbon rebates for April remained intact. This decision was formalized through an order in council authorized by Governor General Mary Simon. His initial diplomatic engagements included visits to France and the United Kingdom on March 17, aimed at strengthening security and sovereignty collaborations. During his stay in the UK, Carney met King Charles III for the first time in his capacity as prime minister.

2025 federal election

Mark Carney was broadly anticipated to call a federal parliamentary election for late April or early May 2025, ahead of the compulsory October deadline. On March 22, the Liberal Party revealed that Carney would run in the south Ottawa constituency of Nepean; other potential ridings considered included several in Alberta, particularly Edmonton, as well as secure Liberal seats in Toronto and Ottawa. The following day, March 23, Carney formally requested Governor General Mary Simon to dissolve parliament and initiate an election slated for April 28. The Liberals secured 169 seats, falling just three short of an outright majority. Carney won the Nepean riding, becoming the first prime minister since Wilfrid Laurier (1908-1910) to represent an Ottawa-area constituency and the first since Lester B. Pearson to serve as an MP from Ontario.

45th Parliament

To commence the 45th Canadian Parliament, Prime Minister Mark Carney invited King Charles III to deliver the Speech from the Throne, a gesture underscoring Canada's sovereignty. The address detailed the government's intention to participate in ReArm Europe, a European-led defence alliance. In June 2025, Canada hosted the 51st G7 summit in Kananaskis, Alberta, where Carney, acting as chair, welcomed global leaders including India's Narendra Modi and Ukraine's Volodymyr Zelenskyy.

During that month, Carney's administration successfully passed Bill C-5, known as the One Canadian Economy Act, with backing from Conservative members. This legislation eliminates federal obstacles to internal trade and accelerates major infrastructure projects through cabinet approval, although it encountered resistance from certain Indigenous communities. In July 2025, Carney announced that Canada would formally recognize a Palestinian state at the forthcoming UN General Assembly.

Views

Carney is characterized as a moderate centrist with a technocratic approach; he aligns ideologically with the Blue Grits faction within the Liberal Party of Canada. His economic stance is liberal yet fiscally prudent, paired with socially progressive views.

At the 2023 Global Progress Action Summit, Carney called on progressives to prioritize investments in "health care, infrastructure, schools, opportunity, sustainability and prosperity." He also referenced the phrase maîtres chez nous ("masters of our own house"), a slogan historically tied to the Quiet Revolution.

Wealth inequality

In 2011, Carney described the Occupy Wall Street movement as "entirely constructive," acknowledging widespread frustration in the United States regarding inequality and expanding CEO–worker pay disparities. By December 2016, he warned about societal dangers stemming from "staggering wealth inequalities," highlighting that the wealth share held by America's top 1% rose from 25% in 1990 to 40% by 2012. Globally, this concentration increased from one-third in 2000 to half by 2010.

Monetary policy

On August 23, 2019, Carney delivered remarks at the Federal Reserve Bank of Kansas City's annual Jackson Hole Economic Symposium addressing challenges confronting monetary policy frameworks. He criticized the prevalent reliance on the US dollar as the primary currency for trade invoicing—used five times more than America's proportion of world imports and triple its export share—labeling this dominance as "destabilizing" for global economic stability. Carney noted that while dominant currency pricing functions adequately during periods of synchronized global expansion, it becomes problematic when regional growth diverges.

He cited studies by Markus Brunnermeier, Harold James, and Jean-Pierre Landau regarding digital currency zones (DCAs) as possible reforms to modernize international monetary systems.

In response to a tweet from US President Donald Trump blaming Federal Reserve chairman Jerome Powell for recession concerns and threatening tariffs on China, Carney urged central banks worldwide to collaborate on reducing reliance on the US dollar as the reserve currency. Rather than endorsing another single dominant currency like the renminbi, he proposed establishing a "new Synthetic Hegemonic Currency" (SHC), potentially exemplified by Libra. This SHC could be implemented through a network of central bank digital currencies designed to diminish the US dollar's prevailing influence over global trade.

From Moral to Market Values

On December 2, 2020, Carney presented the inaugural lecture of the BBC's prestigious annual series, the Reith Lectures. Titled "How We Get What We Value – From Moral to Market Sentiments," he contended that society has transitioned from emphasizing human dignity to prioritizing financial worth, marking a shift from traditional market economies to market-driven societies. The lecture series explored three significant challenges: the credit crisis, the Covid pandemic, and climate change.

Fiscal Policies

Upon assuming office as Prime Minister, Carney overturned the Trudeau administration’s proposed increase in capital gains tax and committed to implementing tax relief for the middle class. He also introduced a revamped federal budget strategy focused on reducing taxpayer expenses.

Oil Sector

In 2025, while serving as Prime Minister, Carney endorsed the construction of a new oil pipeline extending to the West Coast. He also supported a $16.5 billion investment in a carbon capture initiative for the Athabasca oil sands, reflecting a strategic approach that merges energy development with environmental sustainability efforts.

Brexit

Carney consistently cautioned that Brexit would harm the UK’s economic prospects, leading Brexit advocates to accuse him of partiality toward remaining in the EU before the 2016 referendum. He defended his stance as a responsibility to highlight potential risks.

In September 2018, Philip Hammond, then serving as chancellor of the Exchequer, announced Carney’s term as Governor would be extended until January 2020 to facilitate a stable transition following the UK’s anticipated EU departure on March 29, 2019, which was later postponed.

By November 2018, Carney warned that much of the UK economy was ill-prepared for a no-deal Brexit, noting that fewer than half of businesses had contingency plans in place.

In February 2019, Carney adopted a more nuanced perspective, describing Brexit as a test of emerging global dynamics amid globalization’s challenges to democracy and national sovereignty. He characterized it as a possible framework for balancing openness with democratic legitimacy.

He also pointed out market signals indicative of increasing expectations for a no-deal Brexit, including the UK exhibiting "the highest FX implied volatility, the highest equity risk premium and lowest real yields among advanced economies."

NATO Commitments

In February 2025, Carney pledged that Canada would allocate 2% of its GDP to defence spending by 2030, aligning with NATO guidelines. Subsequently, in June 2025, he accelerated this target to achieve 2% by March 2026 and committed to meeting NATO’s enhanced goal of 5% GDP defence expenditure by 2035.

Iran–Israel Tensions

After Israeli military actions against Iran in June 2025, Carney reaffirmed Israel's right to self-defence while calling for measured restraint.

Gaza Conflict

In April 2025, Carney dismissed allegations of genocide occurring in Gaza but endorsed an arms embargo targeting Israel. By June 2025, he drew parallels between Israel’s military operations in Gaza and occupation of the West Bank with Russia’s invasion of Ukraine.

Relations with India

During Mark Carney’s prime ministership, Canada–India relations have undergone a diplomatic renewal following strains experienced during Justin Trudeau’s leadership. Hosting Indian Prime Minister Narendra Modi at the 2025 G7 summit was described by Carney as a “great honor.” His foreign policy approach emphasizes pragmatic economic collaboration and reducing dependence on the United States. The summit represented a pivotal moment where both leaders underscored mutual interests such as clean energy development, artificial intelligence advancements, and counterterrorism efforts. Modi advocated for “win-win cooperation,” while India’s Ministry of External Affairs announced intentions to resume high-level dialogues and revive previously stalled free trade discussions. These initiatives demonstrate renewed dedication to deepening bilateral engagement across various sectors.

On June 23, 2025, Carney issued a statement commemorating the 40th anniversary of the Air India Flight 182 bombing, occurring shortly after the Air India Flight 171 crash near Ahmedabad. He described it as "the deadliest attack in our country’s history." Referring to the 1985 bombing that claimed 329 lives—predominantly Canadians of Indian heritage—Carney stressed that this terrorist act remains Canada’s most fatal and must never be forgotten. Marking the National Day of Remembrance for Victims of Terrorism, he reiterated Canada’s firm opposition to terrorism and paid homage to victims of both the Kanishka bombing and other terror incidents. The attack was executed by Babbar Khalsa, a terrorist organization based in Canada.

China

In his defence budget address on June 9, 2025, Carney identified emerging challenges to Canada's security and sovereignty, specifically citing an "assertive China" as a significant concern.

Trade

Throughout the 2025 Liberal Party Leadership Contest, amid intensified U.S. trade policies under the second Trump administration, Carney promoted deepening economic partnerships with Commonwealth countries such as the United Kingdom, Australia, and New Zealand.

In July 2025, Carney revealed plans to raise tariffs on steel imports originating from China as part of Canada's trade protection strategy.

Environmentalism

Carney has been a consistent advocate for environmental sustainability. Appointed as the United Nations Special Envoy on Climate Change in 2019, he stressed in March 2021 that moving toward a sustainable economy offers Canada a "major economic opportunity." He called for increased focus on scientific evidence regarding climate threats.

While initially endorsing the consumer carbon tax introduced in 2019, Carney remarked during a Senate hearing in May 2024 that the tax had "fulfilled its role up to this point." In 2020, he characterized the green transition as "the most significant commercial opportunity of our era."

In a January 2025 interview with Jon Stewart, Carney pointed to the oil sector as responsible for a large portion of Canada’s emissions and advocated for cleaner industrial processes rather than changes in consumer behavior. During his leadership bid, he proposed replacing the consumer carbon tax with incentives rewarding environmentally friendly choices while retaining levies on major industrial polluters. He also committed to implementing a "carbon border-adjustment" mechanism to impose costs on high-emission imports.

Carney supported the Trudeau administration’s electric vehicle policy mandating that hybrids and EVs account for 20% of vehicle sales by 2026 and reach full electrification by 2035.

Immigration

In 2025, Carney campaigned on addressing what he described as "unsustainable" levels of immigration to Canada, which had climbed to approximately 500,000 annually during Justin Trudeau’s leadership. The Liberal Party pledged to reduce permanent resident admissions to below 1% of the national population each year, aiming for fewer than 410,000 newcomers by 2025. The Immigration Levels Plan for 2025–2027 set targets at 395,000 in 2025, decreasing to 380,000 in 2026 and further to 365,000 in 2027. Temporary migrant numbers were projected at 673,650 in 2025, dropping to 516,600 in 2026 before rising slightly to 543,600 in 2027.

In March 2025, Carney committed to lowering the proportion of temporary migrants and international students to under 5% of Canada's population by late 2027, down from a recent peak of 7.3%, aiming to relieve strain on housing availability, infrastructure capacity, and social services.

Housing

In a March 2024 op-ed published in The Globe and Mail, Carney advocated for low-carbon housing strategies prioritizing densification rather than sprawl. He suggested facilitating development by eliminating caps on unit numbers, removing minimum parking requirements, and permitting taller buildings with greater density near public transit corridors.

Publications

Carney’s DPhil dissertation is entitled The Dynamic Advantage of Competition.

His debut book, Value(s): Building a Better World for All, was released by Signal Books in 2021. His forthcoming work, The Hinge: Time to Build an Even Better Canada, is slated for publication on January 6, 2026, following delays from its original May 13 launch date.

Personal life

Carney met British economist Diana Fox while studying at the University of Oxford, where she was deeply involved in environmental and social justice initiatives. They wed in July 1994 during the period he was finalizing his doctoral dissertation. The couple, parents to four children, initially resided in Toronto before relocating to Rockcliffe Park in Ottawa, and later moved to London in 2013. Following Carney's departure from the Bank of England in 2020, they returned to Ottawa.

His younger sibling Brian resides in Northern Ireland. Carney’s brother-in-law is Robin Cayzer, 3rd Baron Rotherwick, who is married to his wife's sister. Additionally, Carney serves as godfather to the child of politician Chrystia Freeland, who contested against him in the 2025 Liberal Party of Canada leadership election.

A committed Catholic, Carney was recognized as Britain's most influential Catholic by The Tablet in 2015. Although he speaks French, he admits his skills are "far from perfect." He held citizenship in three countries—Canada, Ireland (acquired in the late 1980s), and the United Kingdom (since 2018 during his tenure at the Bank of England). Prior to assuming office as Canadian Prime Minister in March 2025, he formally renounced both his British and Irish citizenships to underscore his dedication to Canada; this process was finalized by April 2025.

Carney is a supporter of Liverpool's Everton FC, whereas his wife prefers Arsenal FC. He also follows the Edmonton Oilers and Edmonton Elks sports teams. In athletics, he completed the 2015 London Marathon with a time of 3:31:22, notably improving on his previous performance at the 2011 Ottawa Marathon.

Honours and distinctions

External links

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