Mark Carney is Canada's New Prime Minster
But who is he and what does he support? What can we expect from him in terms policies?
To start with, in his own words, he is European. “I am European, actually,” he told a moderator at the World Economic Forum in Davos, Switzerland. “I am an Irish citizen. Speaking as a European…” This could have been a bit of a joke, but he does hold European citizenship, and his statement could be of importance, especially given Canada’s current relationship with the U.S. and its attempts to strengthen ties with Europe and other allies.
Most of this is well documented, but if you’re reading about Mr. Carney for the first time, he received his bachelor’s degree in economics from Harvard, followed by his master’s and PhD from Oxford. He holds Canadian, Irish, and UK citizenship (although he has said he’s in the process of renouncing his Irish and UK citizenship). He worked for 13 years at Goldman Sachs before joining the Bank of Canada in 2003 as a deputy governor. In 2008, he was appointed governor of the Bank of Canada, where he stayed until 2013, when he was appointed governor of the Bank of England. He left that post in 2020. From there, he was involved in various private ventures, including Brookfield Asset Management.
It’s important to note that he was governor of the Bank of Canada during the 2008 financial crisis and then at the Bank of England during Brexit. By all accounts, he handled both of these situations very well in his roles.
Now that we know his past, let’s dive into what he’s said so far. Here are some of the things he’s mentioned while campaigning:
Run a budget deficit and balance government spending
Replace the consumer carbon tax with an industry carbon tax and a carbon border adjustment
Green household incentives
Investing more in housing
Reduce trading dependence on the U.S., strengthen ties with other allies, and stand up to American tariffs
Temporary cap on immigration to bring it back to pre-COVID trend levels
Claimed that most of Canada’s emissions were from the oil industry and that the industry needed to be cleaner
2% defense spending for NATO by 2030
Let’s look at how well this matches up with some of the things he’s on record saying in the past. There isn’t much record from his tenure at the Bank of Canada; however, there is a good record of speeches and talks he gave during his time at the Bank of England. While these are several years old at this point, they could still yield some insight.
In a 2014 speech at the London School of Economics, Carney criticized the “trickle-down” approach to economics, stating that it had failed many people and was both “morally wrong” and “economically inefficient.” He advocated for building a more inclusive financial system, saying, “The pre-crisis model—which was based on the assumption that unfettered markets would deliver the greatest good for the greatest number—has been discredited.” He also noted, “Inequality is not just a moral issue; it is also an economic issue. High levels of inequality can lead to lower growth and greater instability.”
In a 2017 interview with the Financial Times, Carney discussed the potential of universal basic income as a way to address the challenges posed by automation and inequality. He said, “UBI could be a potential game-changer in addressing the issues of technological disruption and ensuring that everyone has a stake in the system.” While he did not actually endorse it, he did seem quite open to the idea.
In a 2016 speech at the Resolution Foundation, Carney expressed worries about the growth of insecure work in the gig economy and emphasized the need for fair treatment and adequate protections for workers. He stated, “The rise of zero-hour contracts and the gig economy poses risks to workers’ rights and economic stability, and we must ensure that the benefits of growth are shared more equitably.” This concern about labor rights and worker protections implies an advocacy for stronger government regulation of employment practices.
In a 2019 speech at the Institute of International Finance, Carney called for a “new social contract” to ensure that the benefits of economic growth are shared more widely. He said, “We need a new social contract that ensures that the benefits of growth are shared more widely and that everyone has a stake in the system.” This idea about reducing inequality could imply promoting social justice through government-led initiatives.
At an event hosted by the think tank Cardus in Ottawa on November 27, 2024, Carney commented on immigration issues. He expressed concerns about Canada admitting more immigrants than it could absorb. This supports what he has said regarding placing a cap on immigration and wanting to bring it back to pre-COVID levels.
From these statements, we can make some broad assumptions about Mark Carney’s goals for Canada. First and foremost, we can expect many climate-based initiatives, which could mean trouble for Canada’s oil industry. It could also mean he may oppose any new pipelines. He’s been an advocate for social equality and workers’ rights, which could mean more social programs and government regulations.
While he’s mentioned reducing spending and balancing the budget, it is worth considering whether these statements conflict with his advocacy for social reforms. However, it is very likely that these statements, along with his desire for an immigration cap, are helping with the surge of support the Liberal Party has been seeing in the most recent polls. It’s also worth mentioning that he appointed Ali Ehsassi as the minister of government transformation, public services, and procurement, confirmed on March 14, 2025. While we don’t yet know all the specifics of this role, it sounds like it’s meant to make government quicker and more efficient.
Prime Minister Carney is in Europe this week for his first official trip as Prime Minister. This trip is to help assert Canada’s desire to strengthen its relationships with its European allies. He also said he looks forward to speaking with President Trump regarding the escalating trade war “at the appropriate moment,” and only under conditions of “respect for Canadian sovereignty.”