View more on these topics

King to reign for further five years

Mervyn King has been reappointed as governor of the Bank of England for a second five-year term.

He became governor in July 2003 after being deputy governor from 1998 to 2003.

Chancellor Alistair Darling says: “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.”

Liberal Democrat Shadow Chancellor Vince Cable says the move is welcome but attacks the way the Government handled the reappointment.

He says: “There appears to have been a concerted campaign by 10 and 11 Downing Street to undermine King’s position. The Government’s announcement that the failing FSA and not the Bank of England will have more powers on the same day that Mervyn King is reappointed is clearly meant as a deliberate slap in the face for him.”

Darling has given further details of the reforms to the monetary policy committee appointment process that the Government outlined last July.

The Treasury will publish a timetable for the appointment of an external MPC member before a vacancy becomes available, giving the Treasury select committee three months to question the proposed member in pre-com-mencement hearings.

If an external member is reappointed for a further term, this intention will be announced sufficiently in advance of the end of that member’s current term.

Reappointed members will undergo a pre-commencement hearing in the same way as new members, ensuring that all members are subject to regular Parliamentary scrutiny.

In his last days as Chancellor, Gordon Brown reacted to strong criticism from the Tories that the selection process for external MPC members was too secretive by announcing plans to advertise these positions publicly as they become vacant.


JO Hambro reopens funds

JO Hambro Capital Management has reopened its offshore £474m continental European and £178m European funds after re-evaluating the capacity levels on the range.Both funds closed in March 2006 after reaching their initial joint capacity of £500m but managers Rod Marsden and Paul Wild now believe that level can be raised to £1.2bn.After back-testing the funds, […]

Self build business up by 15 per cent for TMB in January

TMB’s self build business in January is up 15 per cent on the same period last year.The lender says that its staff have reported a sharp rise in interest from brokers who have not been involved in self build previously.TMB sales and marketing director David Murphy says: “The Self Build team have seen a marked […]

Lexicon to advise on 2010 flotation plans

Positive Solutions has appointed corporate finance adviser Lexicon Partners to help with its stockmarket flotation which is planned for 2010.A spokesman says the appointment is a “signal of intent” that it is serious about its target date to float the company.Chief executive Jim Reeve stressed that any move toward flotation will depend on market conditions […]

Time to stop the salami slicing on tax relief

Steve Webb  – Director of Policy and External Communications As the Autumn Statement approaches, Steve Webb calls for the Government to stop tinkering with tax relief. Twice a year, in the run-up to the Spring Budget and the Autumn Statement, we face a torrent of speculation as to what changes the Chancellor might make to […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm