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Britain to name new Bank of England boss

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LONDON, Nov 26 AFP

November 27 2012, 00:55AM

Britain's finance minister is set to announce who will take over as the new governor of the Bank of England, with deputy governor Paul Tucker the favourite for the job.

Parliamentary officials confirmed that Chancellor of the Exchequer George Osborne would make a statement to parliament at 1530 GMT (0230 AEDT Tuesday) on who will replace Mervyn King when his second term ends next June.

The governor leads the Bank of England, an independent body that sets interest rates and played a crucial role in trying to restore stability to markets in the wake of the global financial crisis.