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UK government picks Canadian central bank chief Mark Carney to lead Bank of England next year

The British government has chosen the head of Canada's central bank to become governor of the Bank of England effective July 1.

Treasury chief George Osborne announced the surprise choice of Mark Carney to the House of Commons on Monday.

The new governor will be responsible for supervising the U.K.'s banking industry as well as setting the country's main interest rate. It is the first time someone who isn't British has been selected to lead the U.K.'s monetary authority.

Carney will succeed the current governor, Mervyn King, when his term ends next year. The Canadian had been speculated as a possible choice but was not considered a front-runner.