Sir Mervyn King to be made a peer for public service

Sir Mervyn King, the outgoing Governor of the Bank of England, is to be made a life peer in recognition of his significant contribution to public service. He was personally nominated by the Prime Minister.

Sir Mervyn was accused of being "asleep at the wheel" at the beginning of the banking crisis, but has since been widely credited with helping to lead the UK back towards economic stability.