Former Bank of Canada governor Mark Carney will announce on Thursday he is running to replace Prime Minister Justin Trudeau as leader of the ruling Liberal Party, CBC News said on Wednesday.

Carney played a key role in steering the UK economy through Brexit and the early stages of the pandemic before Andrew Bailey took over as governor. | ITV National News

Former Canadian finance minister Chrystia Freeland is running to be the next leader of the Liberal Party and Prime Minister of Canada.

The frontrunners for the Liberal leadership are former central banker Mark Carney and ex-Finance Minster Chrystia Freeland.

The Liberals need to elect a new leader before Parliament resumes March 24 because all three opposition parties say they will bring down the Liberal government in a no-confidence vote.

Caption: Mark Carney, former governor of the Bank of Canada, launches his campaign to replace Justin Trudeau as Liberal leader. After months of speculation about his future, former Bank of Canada governor Mark Carney launched his campaign to replace Justin Trudeau as Liberal leader on Thursday.

The 59-year-old Harvard- and Oxford-educated economist kicked off his campaign at a hockey rink in Edmonton, Alberta where he grew up

Mr Carney, who was also governor of the Bank of England, is running as an outsider with considerable financial experience. Read more at straitstimes.com.

Chrystia Freeland has called for economic retaliation if President-elect Trump follows through with his threat to impose tariffs.

The front runners for the Liberal leadership are former central banker Mark Carney and ex-Finance Minster Chrystia Freeland, whose abrupt resignation last month forced Trudeau's exit.

If successful, the former Bank of England governor would become Canada's interim prime minister ahead of the next general election