Mark Carney, ex-Bank of Canada governor, launches bid to replace Trudeau

Mark Carney, the former head of the Bank of Canada, has formally entered the race to replace Prime Minister Justin Trudeau as leader of the ruling Liberal Party.

Carney launched his campaign for the party leadership at a rally in Edmonton, the capital of Canada’s western province of Alberta, on Thursday afternoon.

“I’m back home in Edmonton to declare my candidacy for leader of the Liberal Party and prime minister of Canada,” said Carney, flanked by supporters and Liberal lawmakers.

The 59-year-old is considered one of the frontrunners in the race to replace Trudeau. He previously served as governor of the Bank of Canada from 2008 to 2013, before he took the helm of the Bank of England until 2020.

Trudeau, who announced he was stepping down in early January amid growing pressure and slumping public support, will stay on until the party chooses his successor in early March.

The Liberals are hoping that a new leader will help boost their chances ahead of an election that must be held before late October.

Recent surveys about the upcoming election show the opposition Conservative Party with an advantage of more than 20 percentage points over the Liberals, who have faced growing anger as many Canadians grapple with an affordability crisis.

The Liberal government also has been under pressure to stave off a threat from United States President-elect Donald Trump to impose steep, 25-percent tariffs on Canadian goods when the Republican leader takes office next week.

Carney, who has tried to position himself as a political outsider, said on Thursday that his leadership bid comes at a critical moment for the country.

“Too many are falling behind. Too many young people can’t afford a home. Too many people can’t find a doctor,” he said.

“And then on top of that … in just four days, the United States will swear in Donald Trump as their 47th president, a man who threatens economic force on his closest, most steadfast allies, including Canada.”

Carney also criticised Pierre Poilievre, the head of the Conservative Party, who is widely expected to become the country’s next prime minister after this year’s elections are held.

“‘Canada is broken’ was one of Pierre Poilievre’s many three-word slogans, and it couldn’t be more dangerous,” Carney said.

“Conservatives don’t run around saying Canada is broken because they want to fix it. They want a licence to demolish and destroy,” he continued. “Their three-word soundbites won’t solve problems, but they will hurt regular people.”

Poilievre, a right-wing populist who was first elected to Canada’s parliament in 2004, has attacked Carney as a supporter of the Trudeau government’s carbon-pricing policy, which puts a fee on carbon emissions.

He has dubbed the economist “Carbon Tax Carney” and has pledged to scrap the policy if elected.

Poilievre reprised that theme in response to Carney’s announcement on Thursday, once again linking the Liberal leader to the unpopular Trudeau government, as well as the left-wing New Democratic Party (NDP).

“Carbon Tax Carney supported hiking the NDP-Liberal tax on gas, heat [and] groceries,” Poilievre wrote on the social media platform X on Thursday. “Just. Like. Justin.”

The Conservatives also rejected the idea that Carney is an outsider, noting in a statement that he served as an economic adviser to the Liberal government under Trudeau.

“As a long-time Liberal insider … Carbon Tax Carney is the furthest thing possible from an outsider,” the party said. “It’s clear that Carbon Tax Carney and the Liberals will say anything to try and hold power. But they cannot be trusted.”

Carbon Tax Carney supported hiking the NDP-Liberal tax on gas, heat & groceries, QUADRUPLING it all the way up to $0.61/L.

Just. Like. Justin. pic.twitter.com/MEWQdQKPwb

— Pierre Poilievre (@PierrePoilievre) January 16, 2025

The Liberal Party will select its new leader — and by extension, the next prime minister — on March 9, just weeks before Parliament reconvenes on March 24.

It is unclear how long the new prime minister will be in the top post, however.

The Conservatives and other opposition parties have said they plan to put forward a no-confidence motion against the Liberal government, which would trigger an election.

In addition to Carney, Liberal MP Chandra Arya and businessman Frank Baylis have formally entered the Liberal leadership race.

But the contest is widely expected to come down to Carney and former Canadian Finance Minister Chrystia Freeland, a longtime Trudeau ally who resigned from his cabinet in late December.

Freeland, who has yet to formally announce her campaign, quit over what she said was a disagreement with Trudeau over how to handle Trump’s looming tariff threat.

She teased her leadership bid in a social media post on Wednesday, saying she would “have much more to say very soon!”.

Fifth cup of tea and the calls aren’t stopping — grateful for the chance to hear from you and listen to your ideas, fellow Liberals!

I’ll have much more to say very soon! pic.twitter.com/miGcmgtzfk

— Chrystia Freeland (@cafreeland) January 15, 2025

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