Mark Carney has been named as the new Governor of the Bank of England by Chancellor George Osborne. Mr Carney, the Governor of the Canadian central bank, will serve for five years and will hold new regulatory powers over banks. He was a surprise choice for the head of the UK's Central Bank and had previously ruled himself out. The post is seen as one of the most important positions in the stewardship of the U.K economy. The present Governor Sir Mervyn King steps down from the post next June. Sir Mervyn said Mr Carney represented a new generation of leadership for the Bank of England and is an outstanding choice to succeed me.Mr Osborne told Parliament that Mr Carney, 47, would bring the strong leadership and external experience the Bank needs.