Bank of England’s new governor takes over

<p>Mark Carney is the new governor of the Bank of England.</p>

The new governor of the Bank of England has started working in the role today (July 1st).

Mark Carney, who was formerly the governor of the Bank of England, has taken over the position from Sir Mervyn King.

Investors will now be waiting to see if Mr Carney amends the current monetary policy of the organisation or keeps it on the same track as his predecessor.

Speaking to BBC News, former member of the Monetary Policy Committee DeAnne Julius pointed out that Mr Carney does not have a "magic wand" and will not be able to "fix everything".

She said: "It's just possible that he could be lucky, he could be coming into this job at just the right moment because the economy is recovering, financial markets are strong."

Sir Mervyn has campaigned in recent months for an increase in interest rates, but was unable to persuade enough MPC members to join him in the vote.

The base rate in the UK has been at a record low of 0.5 per cent since March 2009.

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