Bank of England governor Sir Mervyn King
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Sir Mervyn: Mark Carney 'outstanding candidate'

27 November 2012 Last updated at 12:42 GMT

Sir Mervyn King has described Mark Carney as the "outstanding candidate" to succeed him as Bank of England governor.

Mr Carney, the governor of the Canadian central bank, was named as the new governor by Chancellor George Osborne and will serve for five years.

The post is seen as one of the most important positions in the stewardship of the UK economy.

Sir Mervyn steps down from the post next June.