Mark Carney has been appointed as the next governor of the Bank of England.

He will succeed Sir Mervyn King on 1 July 2012.

Carney (pictured) is currently governor of the Bank of Canada.

The chancellor, George Osborne, made the surprising announcement at the House of Commons this afternoon.

King said Carney represented a “new generation of leadership” for the Bank of England and that he was an outstanding choice to succeed him.

“Since Mark became governor of the Bank of Canada, I have worked closely with him and admired his contributions to the world of central banking, in which he is widely respected,” said King.

The chairman of court, Sir David Lees, said: “On behalf of the Court of the Bank of England I congratulate Mark Carney on his appointment as the next governor of the Bank. His reputation as an outstanding central bank governor goes before him and Court very much look forward to working with him when he joins us next July.

“The Queen has also approved the reappointment of Charles Bean as deputy governor of the Bank of England for Monetary Policy from 1 July 2013. Mr Bean has agreed to stay on for a year to help oversee the extension of the Bank of England’s responsibilities and the transition to the new governor. He has asked to stand down on 30 June 2014.”