Bank of Canada Governor Mark Carney was unexpectedly named head of the Bank of Englandas the U.K. government looked abroad for a candidate untainted by financial turmoil to lead the beefed-up central bank.

Carney, a 47-year-old former Goldman Sachs Group Inc. managing director, will become the first foreigner to run the 318-year-old institution as it absorbs new powers to oversee banks. He’ll replace Mervyn King, 64, in July as policy makers pursue record-low interest rates and asset-buying to propel the economy from its first double-dip recession since the 1970s.

Continue Reading…