The Chancellor of the Exchequer, George Osborne, made a statement to the House of Commons at 3.30pm on Monday 26 November 2012, announcing the identity of the next Governor of the Bank of England as Mark Carney, the current Governor of the Central Bank of Canada.
The Chancellor said that Sir Mervyn King would continue as Governor of the Bank of England until 30 June 2013. Mr Carney would take up the role on 1 July 2013.
Shadow Chancellor of the Exchequer, Ed Balls, responded to the statement on behalf of the Opposition.
Oral statements are made after Question Time (or at 11am on a Friday) and after any Urgent Questions.
Statements normally relate to matters of policy or government actions. At the end of a statement, MPs can respond or question the government minister on its contents.
Image: PA/Lefteris Pitarakis