Mark Carney, the former governor of the Bank of England, has confirmed he is considering a run to succeed Justin Trudeau as Canada’s prime minister, following Trudeau’s announcement on Monday that he would step down after nearly a decade in office.

Trudeau’s resignation has set off a scramble within the Liberal Party to find a new leader ahead of an impending general election. Carney, 59, is widely regarded for his leadership in the financial sector, having served as the first non-Briton to head the Bank of England and previously as governor of the Bank of Canada from 2008 to 2013, where he gained recognition for his steady handling of the global financial crisis.

Since stepping down from the Bank of England in 2020, Carney has taken on high-profile roles, including serving as chair of Brookfield Asset Management and as a United Nations special envoy for climate action and finance. In a statement to Bloomberg, Carney expressed he was “encouraged” by the support from Liberal lawmakers and Canadians, who, according to him, are calling for “positive change and a winning economic plan.” He added that he would consult with family members before making a final decision on his candidacy.

Carney’s potential bid comes amid growing frustration with the Liberal government. Trudeau’s approval ratings have dipped, with concerns about high inflation, rising food prices, and voter fatigue. The Conservative Party, led by Pierre Poilievre, has taken aim at Trudeau’s climate policies, particularly carbon pricing, with Poilievre branding Carney as “Carbon Tax Carney” in reference to his climate action stance.

Recent polls suggest the Conservatives have a strong chance of winning the next election, with Carney ranking second behind former deputy prime minister Chrystia Freeland in a survey of potential Liberal leadership candidates. The next federal election is scheduled to take place before October, although a specific date has yet to be confirmed.

Carney’s diverse background could provide him with a unique edge. Holding Canadian, Irish, and British citizenship since 2018, Carney’s international experience could appeal to voters seeking a fresh perspective amid economic uncertainty. His experience in finance, coupled with his advocacy for climate change action, may resonate with Liberals looking for a leader who can navigate the party through difficult electoral challenges.

With the election looming, Carney’s decision to enter the race could prove pivotal in shaping the future of Canadian politics.

Mark Carney, the former governor of the Bank of England, has confirmed he is considering a run to succeed Justin Trudeau as Canada’s prime minister, following Trudeau’s announcement on Monday that he would step down after nearly a decade in office.

Trudeau’s resignation has set off a scramble within the Liberal Party to find a new leader ahead of an impending general election. Carney, 59, is widely regarded for his leadership in the financial sector, having served as the first non-Briton to head the Bank of England and previously as governor of the Bank of Canada from 2008 to 2013, where he gained recognition for his steady handling of the global financial crisis.

Since stepping down from the Bank of England in 2020, Carney has taken on high-profile roles, including serving as chair of Brookfield Asset Management and as a United Nations special envoy for climate action and finance. In a statement to Bloomberg, Carney expressed he was “encouraged” by the support from Liberal lawmakers and Canadians, who, according to him, are calling for “positive change and a winning economic plan.” He added that he would consult with family members before making a final decision on his candidacy.

Carney’s potential bid comes amid growing frustration with the Liberal government. Trudeau’s approval ratings have dipped, with concerns about high inflation, rising food prices, and voter fatigue. The Conservative Party, led by Pierre Poilievre, has taken aim at Trudeau’s climate policies, particularly carbon pricing, with Poilievre branding Carney as “Carbon Tax Carney” in reference to his climate action stance.

Recent polls suggest the Conservatives have a strong chance of winning the next election, with Carney ranking second behind former deputy prime minister Chrystia Freeland in a survey of potential Liberal leadership candidates. The next federal election is scheduled to take place before October, although a specific date has yet to be confirmed.

Carney’s diverse background could provide him with a unique edge. Holding Canadian, Irish, and British citizenship since 2018, Carney’s international experience could appeal to voters seeking a fresh perspective amid economic uncertainty. His experience in finance, coupled with his advocacy for climate change action, may resonate with Liberals looking for a leader who can navigate the party through difficult electoral challenges.

With the election looming, Carney’s decision to enter the race could prove pivotal in shaping the future of Canadian politics.

Business confidence in Britain has plummeted to its lowest level since the aftermath of Liz Truss’s controversial mini-budget, according to new data from the British Chambers of Commerce (BCC).

A survey of 4,808 firms revealed that only 49% of businesses expect their income to rise in the next 12 months, reflecting a drop in optimism to levels last seen in the final quarter of 2022. The decline in confidence coincides with Chancellor Rachel Reeves’s recent decision to raise £40 billion in taxes, primarily targeting businesses.

Key measures in the tax overhaul include increases to national insurance contributions (NICs), such as a rise in employers’ NICs from 13.8% to 15%, as well as a lower threshold for contributions. Over 60% of businesses surveyed cited taxation as a major concern, leading to uncertainty within the corporate sector.

However, a separate report from KPMG presents a more optimistic outlook for the UK economy. Despite the dip in business confidence, KPMG forecasts that the UK economy will likely grow faster than expected this year. The report credits the Chancellor’s additional public spending and a potential reduction in interest rates to around 4% as factors that could drive economic growth. KPMG has revised its growth projection for 2025 to 1.7%, up from an estimated 0.8% growth in 2024, though it warned that inflation will remain above the Bank of England’s 2% target until at least 2027.

The drop in confidence parallels the turbulence triggered by Truss’s brief premiership, which saw a £45 billion package of unfunded tax cuts cause turmoil in financial markets, leading to an emergency intervention by the Bank of England. In contrast, Chancellor Reeves’s October budget aimed to restore stability with a combination of tax hikes and £30 billion in additional borrowing to fund a major public investment program.

Shevaun Haviland, director-general of the BCC, criticized the budget measures, stating that businesses are already scaling back investments and planning to raise prices in the face of higher taxes. KPMG’s economists echoed this concern, suggesting that the tax increases could lead to inflationary pressures as businesses pass on the costs to consumers, even as fiscal stimulus boosts short-term demand.

A Treasury spokesperson defended the budget, calling it a “once-in-a-parliament” initiative designed to restore stability and provide businesses with certainty amid a challenging economic environment.