Sir Mervyn King made life peer

Sir Mervyn King, the outgoing governor of the Bank of England who has spent more than two decades at Threadneedle Street, is to be made a life peer.

Ahead of King's tenth and final Mansion House speech on Wednesday night, Downing Street confirmed that Prime Minister David Cameron had nominated the banking chief for a life peerage for his significant contribution to public service. Chancellor George Osborne praised King, who will be replaced by Canadian Mark Carney next month, for helping "lead our country through an extraordinary period". "More than that, you have been the original thinker who has taken Britain on the journey that began with inflation targeting to monetary independence and now to far reaching reforms to prudential...