Mark Carney will be sworn in as prime minister of Canada today, as Justin Trudeau tenders his resignation to the Governor General and bids farewell to Rideau Cottage.
Catch-up: Carney has never held elected office before but has been in and around the political sphere for decades. He headed the Bank of Canada from 2008 to 2013 and the Bank of England from 2013 to 2020, and was an informal adviser on Canada’s COVID-19 strategy.
Why it matters: Now that Carney is in office, get ready to go to the polls. He’s expected to call for a snap election before Parliament comes back into session on March 24. Sources told the Globe and Mail that April 28 and May 5 are the two dates being considered for the election.
- While it’s possible Carney could try to wait it out till an October election, given the NDP’s hesitancy to topple the government, it’s more likely he’ll want to ride the momentum.
Big picture: An election that once looked like a layup for the Conservatives is now a real race. By swapping out the deeply unpopular Trudeau for Carney, the Liberals have a fighting chance. Especially since the top issue for voters is no longer the economy, but President Donald Trump.
- Carney topped Conservative Leader Pierre Poilievre in Angus Reid polling for ‘dealing with Trump.’ And per Nanos polling, the Liberals are now one point behind the Tories.
- Carney is also cutting off key issues Poilievre had campaigned on, saying he would end the consumer carbon tax and kill the increase to the capital gains inclusion rate.
Yes, but: The Conservatives, armed with way more cash than their rivals, are already pivoting their strat — poking holes in Carney’s image of a pro-Canadian business outsider by pointing out his inexperience and his role in moving Brookfield Asset Management’s HQ from Canada to the U.S.—QH