Who is Mark Carney, new governor of the Bank of England?

Last updated at 13:41
Mark Carney, the new governor of the Bank of England.

Mark Carney has taken over as the new governor of the Bank of England.

His new job means he's in charge of the Bank of England which is the UK's central bank.

Before this he was in charge of the Bank of Canada, where he was praised for helping to keep Canada's economy stable.

He has now moved from his native Canada to live in the UK to take over from Sir Mervyn King - the former governor of the Bank of England.

But with the UK still having money problems, Mr Carney has got a tough job ahead of him.

Challenges ahead

The Bank of the England's main purpose is to try to keep the UK's economy stable.

It does this by trying to keep the value of our currency - pounds sterling - at a good level and also by trying to keep money flowing.

At the moment interest rates - which is how much it costs to borrow money - are the lowest they've ever been.

This was meant to help people pay lower rates on loans like mortgages.

The Bank of England also hoped that low interest rates would encourage people to spend their money instead of saving it. When more people spend more money it is very good for the economy.

To deal with the country's financial problems the Bank of England also started 'quantitative easing' - this can be thought of as the Bank creating extra money to help boost the country's economy.

Mr Carney now has to make important decisions about whether to stop using this method and whether to raise interest rates.