New Bank of England governor to be announced at 3.30pm

THE new governor of the Bank of England is expected to be named this afternoon by the Chancellor George Osborne.

Governor Sir Mervyn King steps down from the post next June.

Deputy governor Paul Tucker is the leading candidate.

The new governor will serve a fixed term of eight years, and will hold new regulatory powers over banks.

George Osborne is expected to make a statement to the House of Commons regarding the appointment at 3.30pm.

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