Former Bank of Canada governor Mark Carney launches bid to replace Trudeau political news

Former Bank of Canada head Mark Carney has formally joined 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 have returned to my home in Edmonton to announce my candidacy for Leader of the Liberal Party and Prime Minister of Canada,” said Carney, flanked by supporters and Liberal MPs.

The 59-year-old is considered the frontrunner to replace Trudeau. He served as Governor of the Bank of Canada from 2008 to 2013 before taking the helm of the Bank of England in 2020.

Trudeau, who announced his decision to step down in early January amid mounting pressure and falling public support, will remain in office until the party selects his successor in early March.

The Liberals are hoping a new leader will help boost their chances ahead of an election expected before the end of October.

Recent polls about the upcoming election show the opposition Conservative Party has a lead of more than 20 percentage points over the Liberals, who are facing growing anger as many Canadians grapple with an affordability crisis.

The Liberal government is also under pressure to avoid United States President-elect Donald Trump’s threat to impose massive 25 per cent tariffs on Canadian goods if the Republican leader takes office next week.

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

“Many people are being left behind. Many young people are not able to buy a home. “A lot of 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 its 47th president, a man who threatens economic force over his closest, most staunch allies, including Canada.”

Carney also criticized Conservative Party leader Pierre Poilievre, who is widely expected to become the country’s next prime minister after this year’s election.

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

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

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

He has branded the economist a “carbon tax carnie” and has promised to end the policy if elected.

Poilievre reiterated 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 leftist New Democratic Party (NDP).

“Carbon Tax Carney supports NDP-Liberal tax hike on gas, heat (and) groceries,” Poilievre wrote on social media platform X on Thursday. “Just now. Like. Justin.”

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

The party said, “As a longtime liberal insider … carbon tax Carney is the furthest thing possible from an outsider.” “It’s clear that carbon tax Carney and the liberals will say anything to hold on to power. But they cannot be trusted.”

Carbon Tax Carney supported quadrupling the NDP-Liberal tax on gas, heat and groceries to $0.61/L.

Just now. like. Justin. pic.twitter.com/MEWQdQKPwb

– Pierre Poilievre (@PierrePoilievre) 16 January 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.

However, it is unclear how long the new prime minister will hold the top post.

The Conservatives and other opposition parties have said they plan to bring a motion of no confidence against the Liberal government, which would lead to an election.

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

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

Freeland, who has not yet formally announced her campaign, stepped down due to disagreements with Trudeau over how to handle Trump’s looming tariff threat.

He teased his leadership bid in a social media post on Wednesday, saying, “Very soon he will have more to say!”

Fifth Cup of Tea and the Calls Don’t Stop – Fellow Liberals, grateful for the opportunity to hear from you and hear your views!

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

– Chrystia Freeland (@cafreeland) 15 January 2025