Bank of England's King to get second term

Mervyn King has been granted a further five-year term as the governor of the Bank of England.

Alistair Darling, the British chancellor of the exchequer, said: "[Mervyn King] has played a key role in delivering macroeconomic stability in the UK, and his leadership and experience will continue to prove invaluable to the Bank of England." Commentators suggested that if the government decided against re-appointing King, it would look as though it was absolving itself of the Northern Rock affair.