Mervyn picks executive team

Mervyn King has completed the reshuffle of his executive team. Andrew Bailey and Nigel Jenkinson are promoted, Merlyn Lowther retires and Alastair Clark is switched to become special adviser to the governor.

The Bank of England yesterday announced the following appointments: Alastair Clark is to become Adviser to the Governor with special responsibility for liaison between the Bank and the financial sector. This new role is a key part of the Bank's plans to introduce a broader and more system