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Canadian Mark Carney steps into BoE role

Mark Carney, the former banker and Bank of Canada governor, today steps into what has been called "one of the toughest central banking jobs in the world".

Replacing Sir Mervyn King as the Bank of England's governor, Canadian-born Carney is set to take home over £800,000 a year, sky.com reports. 

After initially turning down the job offer (which was made by chancellor George Osborne), it seems Carney may have been lured in by the package - which is more than six times' that of David Cameron's.

The chief economist for Investec, Philip Shaw, made clear just how much is riding on this partnership. Cited by independent.co.uk , Shaw said: "It is an absolutely huge task encompassing financial stability, supervision and monetary policy.

"In Canada, the banks were in a far more resilient position to meet the recession, which is clearly not the case in the UK. The UK is also a much bigger financial centre than Canada. It is simply a vast proposition."

Although his appointment isn't likely to change everyday Britain's everyday financial activities, like cash processing or management, if Carney decides to shake things up a bit, the UK's financial future could change significantly.

For example, the ex-Goldman Sachs employee is said to approve of more quantitative easing, which he believes will help the economy continue its recovery.

The chief UK economist for Capital Economics, Vicky Redwood, confirmed that she'll be "on guard" for changes, which she expects will comprise something to do with "recent market movements".

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