1. ITV Report

New BoE Governor reveals lessons he will bring from Canada

Mark Carney: "You have to level with people on the scale of problems" Photo: ITV News

Mark Carney has been credited with saving Canada's economy in his role as Governor of the Bank of Canada, next June, he will take the helm at the Bank of England.

Supervising the banks will be just one of the formidable tasks facing Mr Carney when he takes over, another will be stimulating the UK's economy.

Today, in a speech in Canada as he spoke about central bank approaches to tackling the economy, he suggested that abandoning inflation targets might be his favoured approach.

He also said:

People have to understand what you're doing. And if not enough people understand what you're doing then its utility is diminished.

You have to level with people on the scale of problems. It does no good to spin your way out of a crisis.

Mark Carney will start his new job next June Credit: www.bankofcanada.ca

When asked what lessons he will take from Canada to the Bank of England, he told ITV News:

Much is made in Canada of 'We didn't have bank failures, and we didn't have other issues'. Well, in part we didn't have those because we made tough decisions in a timely fashion.

The former prime minister of Canada, Paul Martin, who worked with Mr Carney for many years told ITV News:

"You're able to sit down and talk to him, argue with him, and you know the only purpose that he brings to the table is the desire to get things done."

ITV News' Economics Editor Richard Edgar reports from Toronto.

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