Mervyn King and Northern Rock

The question of Mervyn King's reappointment as governor of the Bank of England has become inextricably linked to the saga of Northern Rock.

If you ask King whether he expects to be reappointed he says that "we have had more important things to worry about than being reappointed" and that "July 2008 is a long way away" (his term ends next June). Normally, governors are re-appointed for a second term and the government usually indicates that they will be reappointed well in advance, although

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