EDMONTON, Canada – Mark Carney, the former governor of both the Bank of Canada and the Bank of England, has declared his candidacy for the leadership of Canada’s governing Liberal Party.
The announcement, made on Thursday, January 16, 2025, at a hockey rink in his hometown of Edmonton, Alberta, sets the stage for a highly anticipated leadership race following Prime Minister Justin Trudeau’s decision to step down.
A Campaign Rooted in Economic Expertise
Standing before a giant Canadian flag, Carney framed his candidacy as a response to the challenges facing Canada, including a sluggish economy, housing affordability crises, and the looming threat of climate change.
“I’m doing this because Canada is the best country in the world, but it could still be even better,” Carney said.
A Harvard and Oxford graduate with a career spanning high-profile economic roles, Carney emphasised his outsider status in the Liberal Party.
While he has advised Trudeau on economic matters, he has never held elected office, distinguishing him from other candidates in the race.
“I’ve helped manage multiple crises and saved two economies,” Carney declared, referencing his leadership during the 2008 global financial crisis and the UK’s Brexit transition.
“I know how business works, and I know how to make it work for you.”
A Critique of Trudeau’s Leadership
Carney took aim at Trudeau’s handling of economic issues, stating, “I know I’m not the only Liberal in Canada who believes that the prime minister and his team let their attention wander from the economy too often.”
This critique positions Carney as a fresh start for a party seeking to distance itself from Trudeau’s more contentious policies while retaining a commitment to progressive values.
Policy Priorities
Carney’s platform addresses key issues, including:
- Economic Stability: Plans to combat stagnant wages and inflation.
- Climate Policy: Advocating for a replacement to Canada’s carbon tax with a more effective system that protects household budgets.
- International Trade: Preparing Canada for potential 25% tariffs on Canadian goods threatened by U.S. President-elect Donald Trump.
“Too many people are falling behind,” Carney said, pledging to focus on economic growth that benefits all Canadians.
The Road Ahead
Carney joins a crowded leadership race that includes sitting members of parliament.
Former finance minister Chrystia Freeland, who resigned over differences with Trudeau’s fiscal policies, is expected to enter the race soon.
The winner will face Conservative leader Pierre Poilievre in a general election that could come as early as this spring.
Poilievre, who leads the Conservatives in polls, has criticised Carney as “just like Justin” and characterised his ideas as out of touch with ordinary Canadians.
Carney responded by labelling Poilievre’s platform “naïve” and “dangerous.”
A High-Stakes Election
The next leader of the Liberal Party will inherit not only the challenges of uniting the party but also the task of securing victory in a general election amidst public dissatisfaction with the government.
The election is set to take place by October 2025, though it could occur earlier.
Carney’s campaign, built on economic expertise and a promise to revitalise Canada’s economic prospects, marks a pivotal moment in the country’s political landscape.
Whether his outsider status will energise voters or leave him vulnerable to attacks from within and outside his party remains to be seen.