Mervyn King named next governor of Bank of England

The announcement was made on Wednesday that Sir Edward George will be replaced by the current deputy governor for monetary policy, Mervyn King when Sir Edward steps down in June 2003.

King was a founding member of the Banks Monetary Policy Committee and was appointed deputy governor in June 1998. Speaking on Wednesday he said he was "delighted and honoured" to be asked to serve as governor.

Sir Edward George welcomed the appointment of Mervyn King as his successor. "Throughout my period as Gove