Mark Carney Set To Retain PM Post After Liberals Clinch Victory In Federal Polls | All About Him

Mark Carney has had a distinguished career - his latest victory being the rescue of Canada’s Liberal Party amid plummeting public support and escalations with the U.S. President Donald Trump, who has repeatedly claimed Canada as America’s 51st state.

With the results of the federal elections in, the Liberal Party, led by Carney has secured its fourth term. Despite forming a minority government, Carney is now all set to retain the post of Prime Minister.

60-year old Carney darted in - first securing 85.9% for Liberal Party’s leadership after former Prime Minister Justin Trudeau’s resignation, then being elected as the Prime Minister of Canada on March 14. At his swearing-in ceremony, he delivered the downstairs neighbour a solemn rejection, declaring amidst a cacophony of slogans that Canada, “will never, ever, in any way, shape or form, be part of the United States."

READ | Canada Elections 2025: Pierre Poilievre Concedes, Congratulates Mark Carney For Liberal's 'Razor Thin' Win

Just nine days after assuming office - he called for snap elections on April 28 - which were originally scheduled for October. The Liberal Party was trailing behind the opposition Conservative Party by as much as 25 points in national polls before his superhero entry. Under Carney’s leadership, the Party's political landscape has shifted dramatically, and drastically. 

Here’s a look at how he came to be so sure-footed.

His Early-Life

Carney was born in Fort Smith, Northwest Territories, Canada, in a family of teachers with three out of four grandparents hailing from County Mayo in Ireland.

He went on to study economics at  Harvard University on scholarship in 1988; and then secured a Master's and a Doctorate in Economics from Oxford University.

He spent 13 years at Goldman Sachs - an American investment bank and financial services company. Over the course of his career at the multinational company, he worked in London, Tokyo, New York and Toronto. He held multiple senior positions, a co-head of sovereign risk, an executive director for emerging debt capital markets and a managing director for investment banking. 

Mark Carney contributed significantly in the post-apartheid entry of South Africa into the international bond markets. Furthermore, he was instrumental in Goldman Sachs’ efforts during the 1998 Russian financial crisis.

After his 13 year stint at Goldman Sachs, Carney entered the public sector and took it by a storm.

Carney’s Public Offices

Carney has formidably steered multiple economies through arduous financial situations - with much at stake.

In his book ‘Values: Building a Better World for All’ - which was the National Bestseller, the Winner of the 2021 National Business Book Award and was Shortlisted for the 2021 Donner Prize - Carney talked about things valued most as individuals. He mentions good health, fundamental human rights, basic necessities like food and protection from poverty and preservation of nature’s diversity. Yet unfortunately - he says - these very aspects are neglected or sacrificed in the modern world.

Much of the facets of this trade Carney experienced when he entered the public arena. He was appointed the deputy governor of the Bank of Canada in 2003. Then he worked for the Department of Finance as senior associate deputy minister. He eventually became the Governor of the Bank of Canada in 2007 - immediately confronted with the 2008 global recession - one of the worst economic crises the world had ever seen.

Although central bankers are usually very cautious with their words, he made it clear he planned to keep interest rates low for at least a year after making major cuts - a move famously praised.

This decision encouraged businesses to keep investing even as the markets dropped.

In 2013, he was declared the first non-British person in the Bank of England’s almost 300-year history to get the top job as the Governor.

He came in when the Brexit issue was hot and heavy. He warned the country of recession - but supervised a stable economy when its exit process was voted on.

Carney navigated the crash of pound sterling when former Prime Minister David Cameron resigned from office after the Brexit referendum was voted in favour.

In his final days as the Governor of the central bank in 2020, he oversaw the bank’s preparedness to the COVID-19 pandemic and reassured the country that the economic shock "should be temporary."

Carney’s Path to Becoming Canada’s Prime Minister

Carney served as an economic advisor to Trudeau during the pandemic - navigating Canada’s economy through the health crisis that brought the world to a halt.

He has consistently been vocal about climate change and global government’s environment policies - also holding the position of United Nations Special Envoy for Climate Action and Finance in March 2020 and launched the Glasgow Financial Alliance for Net Zero in 2021 . 

After fulfilling a plethora of leadership roles, the now Prime Minister of Canada acted as Trudeau’s economic strategist in September last year.

The Liberal Party has long been after Carney to make a political entry - much to his reluctance. 

"Why don't I become a circus clown?" he told a reporter in 2012, BBC reported.

In January Chrystia Freeland - Canada’s former Finance Minister quit Trudeau’s cabinet - sending the nation into a spiral. According to media reports, Trudeau had planned on replacing Freeland with Carney.

However, the two later contested for the Liberal Party’s leadership role in March, and Carney emerged as the clear winner by a landslide.

He currently has British and Irish Citizenships, in addition to the Canadian citizenships. However, he has expressed that he will be renouncing his British and Irish citizenships to underscore his commitment to Canada.

What now?

What Carney lacks in political experience, he makes up with his financial expertise -  which is exactly what the country currently needs.

Canada - like much of the rest of the world - is engaged in a trade war with the United States of America - spearheaded by Trump who has unleashed unimaginable tariff hikes ever since he took office in January, 2025.

"I know how to manage crises," Carney said during a leadership debate late last month. "In a situation like this, you need experience in terms of crisis management, you need negotiating skills."

Carney also has insights from Trump’s previous presidency to depend on - when he closely maneuvered United Kingdom’s financial strategies according to Trump’s presidential directives.

Carney is all set to win the upcoming snap elections on April 28 - with forecasts suggesting Liberals winning between 162 and 204 seats. He has already brought the Party out of the depths that made the Finance and Prime Minister resign in early 2025.

It remains to be seen how he will pilot Canada through the setbacks caused by the deteriorating U.S.-Canada trade relationship.

As for the geographical threat of annexation - Carney has already made his stance clear.