Mark Carney runs for leader of Canada’s Liberal Party

“I’m doing this because Canada is the best country in the world, but it could still be even better,” Mr Carney said as he launched his bid.

He outlined challenges facing the country, like a housing affordability crisis, stagnant wages and the threat of climate change.

“Too many people are falling behind,” he said.

He also noted the tariff threat from US President-elect Donald Trump, who takes office on Monday, saying that Canada is facing extraordinary times.

“I’ve helped managed multiple crises and I’ve helped save two economies,” Mr Carney said in his pitch.

“I know how business works, and I know how to make it work for you.”

Mr Carney brings a range of economic experience to the race.

He previously worked at the investment bank Goldman Sachs, and served as Canada’s central banker, from 2008 – when the country became the first G7 nation to raise interest rates after the financial crisis – to 2013.

He then moved to London, where he served as governor of the Bank of England until 2020.

During his tenure, he led efforts to support the UK economy through Brexit, though he faced criticism that some of his early interventions were overly political.

In recent months, Mr Carney has served as a special economics adviser to Trudeau and he criticised the sitting prime minister for his handling of the file.

“I know 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,” Mr Carney said on Thursday.

Whoever wins the Liberal leadership race will face-off against the opposition Conservatives, who have a lead in the polls.

Mr Carney called Conservative leader Pierre Poilievre’s ideas for Canada “naïve” and “dangerous”.

The Conservatives have sought to link Mr Carney – who has called himself a political “outsider” – with Trudeau’s unpopular government, saying he is “just like Justin”.

They also note he has been a champion carbon pricing, which is Trudeau’s signature climate policy and has been met with a mixed reaction in Canada.

The next election must be held on or before October of this year.