Mark Carney, who took charge of the Bank of England as its new governor, has indicated that the central bank is not likely to increase interest rates for years.

Canadian Mark Carney, who has been working as the Governor of Bank of Canada, has been appointed as the new chief of the Bank of England. He indicated that the central bank will not increase interest rates until some targets are met suggesting that the liberal monetary policy will remain intact in the country for some time.

Carney, who was born in the small town of Fort Smith in the Northwest Territories, will have a difficult time ahead as the new head of the most important financial institution in the UK. It is believed that Prime Minister David Cameron has chosen Carney at a time when the UK's economy is facing slow growth and serious concerns over cuts and borrowing.

Outgoing governor, Sir Mervyn assured the industry that the interest rates are likely remain low as rising interest rates would create problems for the indebted homeowners. The officials form the Downing Street has also asked for easing off some of the banks.