Thursday 31st January 2008
The role of Bank of England governor is to be served by Mervyn King for a further five years, HM Treasury has announced.
Under the terms of the Bank of England Act 1998, Her Majesty the Queen appoints the governor after consulting both the prime minister and the chancellor of the exchequer.
Current chancellor Alistair Darling comments on the news: "I am delighted that Mervyn King has been appointed as the governor of the Bank of England for a further five-year term.
"He has played a key role in delivering macroeconomic stability in the UK and his leadership and experience will continue to prove invaluable."
Meanwhile, Dr Andrew Sentance has been reappointed to the Banks rate-setting body, the monetary policy committee.
His current term ends on May 31st, but HM Treasury reveals he is to serve a further three years starting from June 1st.
Since his appointment in October 2006, Dr Sentance has proved to be an advocate of higher interest rates.
He has voted three times to raise rates in spite of Governor Kings suggestion that the base rate should be maintained.
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