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THE book has opened on likely candidates to succeed to the editor's chair at the Economist. Favourites to follow new bank of England deputy governor, Rupert Pennant- Rea, include insiders Bill Emmott, Nico Colchester, and Clive Crook. Front-runner among the outsiders is Peter Jay, the BBC's economics guru and brother-in-law of the outgoing editor. Others being mentioned are Sarah Hogg, head of the Prime Minister's Policy Unit, and Peter Martin, who edits the second section of the Financial Times and is a former Economist journalist.