The fate of Mervyn King, the governor of the Bank of England, hangs in the balance as he awaits the Queen’s pronouncement on his future. But unlike some whimsical royal decrees of years past, the decision as to whether or not he receives a renewal of his five-year term as Bank governor in July rests with Gordon Brown, the prime minister, and Alistair Darling, the chancellor.
They need to decide whether his glittering record as an economist and monetary policymaker is enough for him to continue in post or whether he should carry the can for the UK’s money market, credit market and banking crises since August last year.
