Mark Carney wins Liberal leadership, the former central banker who managed responses to financial crises, in North America and the UK. Becoming the next prime minister of Canada.
Mark Carney wins Liberal leadership, the former central banker who managed responses to financial crises in North America and the UK, has won the race. Became Canada’s next Prime Minister after winning the race to lead the country’s federal Liberal Party.
Mrak Carney, 59, assumes this role as Canada finds itself in a potentially disastrous trade war with the United States, its closest ally and largest trading partner. Last week, Donald Trump announced a 25% tax on all Canadian goods, exempting the automotive and energy sectors. These tariffs could push Canada’s fragile economy into a recession.
“America is not Canada. And Canada will never be part of America in any way, shape, or form,” Mark Carney, who won Liberal leadership, told his supporters, highlighting the existential crisis that has angered Canadians and strained the longstanding relationship with the US. This conflict is likely a central theme during his time as Prime Minister.
“We didn’t ask for this fight. But Canadians are always ready when someone else throws down the gauntlet,” Carney stated. “So the Americans should make no mistake: Canada will prevail in trade, as in hockey.”
Before the announcement, the outgoing Prime Minister, Justin Trudeau, energised the crowd by declaring that he was “damn proud” of his government’s legacy.
But he warned of a perilous time for the nation, emphasising that “this is a nation-defining moment. Democracy is not a given. Freedom is not a given. Even Canada is not a given,” a stark reminder to his supporters of the fragility of democratic governance and national sovereignty.
He invoked the “elbows up” rallying cry to enthusiastic applause—a phrase recently popularised by ice hockey legend Gordie Howe, which emerged in response to threatening remarks from former President Trump about potentially annexing Canada.
It remains unclear when Mark Carney, who notably served as governor of the Bank of Canada from 2008 to 2013 and as governor of the Bank of England from 2013 to 2020, will officially assume the role of prime minister. Prime Minister Justin Trudeau and the new leader of the Liberal Party are expected to engage in discussions. In the coming days, to finalise the outgoing prime minister’s last day in office. Marking a significant transition for the party.
Carney achieved a commanding victory with 85.9% of the votes cast, decisively defeating prominent competitors, including former finance minister Chrystia Freeland, former government house leader Karina Gould, and former member of parliament Frank Baylis.
His rise to power is notable for its unconventional nature. Carney will be the only Canadian prime minister in history to hold no formal ties to parliament at his appointment. Including lacking a seat in the House of Commons.
While no rule prohibits this, political convention suggests. He will need to swiftly announce plans to run for a parliamentary seat to establish legitimacy.
Moreover, Carney will make history as the first Liberal prime minister from Western Canada. An essential distinction in a country often politically divided along regional lines. Eastern and Western provinces have markedly different political priorities and cultural identities.
Throughout his campaign, Carney presented himself as an outsider. Despite having longstanding connections to the Liberal Party, including his role as an economic adviser to Trudeau. This outsider positioning helped him connect with voters seeking change and revitalisation within the party.
His decisive victory was anticipated and bolstered by practical fundraising efforts, and key endorsements from senior cabinet members, with robust organising networks. These developments could invigorate the incumbent Liberals, struggling to maintain their political foothold.
In recent weeks, the party has reversed its political decline impressively. recovering so well that a previously expected Conservative majority in the upcoming general election now appears increasingly unlikely.
This dramatic shift in public opinion has been so pronounced, that political analysts struggle to identify historical parallels.
In a recently leaked memo, the left-wing federal New Democratic Party cautioned. Its members that Carney would likely call for a snap election within days of winning the leadership race. This move could capitalise on his rising popularity, potentially preventing opposition parties, from undermining the Liberal government through a non-confidence vote, thus ensuring stability.
The poll fluctuations can partly be attributed to Trump’s repeated threats to annexe Canada. In public opinion surveys, Carney is consistently viewed as the most trustworthy federal leader to navigate the ongoing trade crisis. Largely due to his substantial economic expertise and prior experience in international finance.
“My government will keep the tariffs on until the Americans show us respect,” Carney declared. Signaling a tough stance on trade negotiations with the United States.
Additionally, Carney did not shy away from criticising Conservative leader Pierre Poilievre. Who is currently positioned as the frontrunner in the event of an election. He labelled Poilievre a “career politician” engaged in a deeply divisive campaign, asserting, “Division doesn’t win in a tariff war.” Thus emphasising the need for unity in these turbulent times.
However, in recent weeks, several missteps have highlighted Carney’s challenges in transitioning from the corporate sector to political leadership.
He has been inconsistent about his role at Brookfield Asset Management. Especially concerning its relocation, from Toronto to New York—a politically sensitive issue in light of recent U.S. pressures, on Canadian businesses to relocate south of the border.
His various attempts to clarify his position led the Globe and Mail editorial board to label him a “fast learner in the art of prevarication and hairsplitting.” Highlighting the scrutiny he faces from the media and political opponents alike.
Carney has committed to placing his substantial assets. Which are believed to be valued at over C$30 million (£16 million) into a blind trust immediately to avoid any conflict of interest.
Before the new leader was formally announced. Former prime minister Jean Chrétien remarked that Trump had united Canadians “like never before.” And jokingly suggested the former president should receive Canada’s highest honours for this unexpected solidarity.
“From one old guy to another old guy. Stop this nonsense. Canada will never join the United States,” he said, eliciting raucous cheers from the audience.
“No one will starve us into submission because Canada is and will remain the best country in the world. Vive le Canada!” he proclaimed, capturing the national sentiment of resilience and pride.
This article was amended on 10 March 2025. An earlier version, stated that Mark Carney would be only the second prime minister in Canadian history without a seat in the House of Commons.
While a handful of others have been appointed under similar circumstances. Carney will be only the second individual with no formal ties to parliament, including a Commons seat, at the time of their appointment. The first was John Turner.