Mark Carney has been elected as the new leader of the Liberal Party of Canada, winning decisively on the first ballot with 85.9% of the vote. He defeated Chrystia Freeland (8%), Karina Gould (3%), and Frank Baylis (3%) in the leadership race prompted by Prime Minister Justin Trudeau’s resignation.

Carney, a former governor of the Bank of Canada and Bank of England, is set to become Canada’s next prime minister within days. However, he has never held elected office and does not yet have a parliamentary seat. His leadership comes amid an ongoing trade war with the U.S. and a closely contested race with the Conservatives ahead of a likely early federal election.

Trudeau, addressing Liberals for the last time as leader, reflected on his nearly 12-year tenure, during which he revitalized the party and returned it to power. Former Prime Minister Jean Chrétien also praised Trudeau’s leadership.

Carney, originally from the Northwest Territories, has a strong background in economics, having worked at Goldman Sachs and led central banks through major financial crises. He officially aligned with the Liberal Party in 2021 and has been a target of Conservative attacks. His transition to prime minister is expected soon, though the exact date remains undecided. Once in office, Carney may call an early election to capitalize on momentum or attempt to govern before facing a likely non-confidence vote.

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