By Paul Vieira
OTTAWA--Mark Carney, the former Canadian and U.K. central banker, formally declared Thursday his interest to succeed Justin Trudeau as leader of Liberal Party and the country's prime minister, promising an economic agenda focused on lifting the country from a period of stagnant growth.
Carney disclosed his intentions to a crowd in Edmonton, Alberta, the western Canadian city where he spent the bulk of his youth. In making the case to be Liberal leader and Canadian prime minister, he highlighted his experience managing financial crises in both Canada and the U.K. As he did in an appearance this week on "The Daily Show," Carney criticized the Trudeau-led government's economic stewardship.
"I'm not the only Liberal in Canada who believes that the Prime Minister and his team let their attention wander from the economy too often. I will not lose focus," Carney said. "Our growth has been too slow. People's wages are too low. The federal government spends too much, but it invests too little. Middle-class taxes are too high."
Shortly after his formal announcement, Brookfield Asset Management said Carney had stepped down as the asset manager's chairman, and that chief executive Bruce Flatt would take on the role.
Carney becomes the first high-profile name to enter the Liberal Party leadership race, at a time when the party trails the Conservative Party by a wide margin, and the economy faces turbulence from President-elect Donald Trump's threat to impose a 25% tariff on all Canadian imports.
Trudeau said this month he would step aside as prime minister, once Liberal Party members pick a new leader in a March 9 vote. A national election must be held no later than October, and it is looking likely an election will come this spring after the legislature resumes in late March. All three main opposition parties have vowed to defeat the minority Liberal government at the earliest opportunity when the legislature returns on March 24.
Carney was previously at Goldman Sachs before joining the Bank of Canada as a deputy governor in 2003. He was the Bank of Canada governor during the 2008 global financial crisis, and earned praise domestically for his role in guiding the economy and ensuring financial stability relative to other Group of Seven economies. He later served as the Bank of England governor, from 2013 to 2020, and tried to steer the economy through Brexit.
Political watchers in Canada expect the Liberal Party leadership campaign to come down to a contest between Carney and former finance minister Chrystia Freeland, whose resignation letter last month set the stage for Trudeau's decision to resign. A formal announcement from Freeland is likely in the coming days, according to a person familiar with the situation.
Write to Paul Vieira at paul.vieira@wsj.com
(END) Dow Jones Newswires
01-16-25 1628ET