Chancellor George Osborne confirmed the news in his Mansion House speech on Wednesday night, as Sir Mervyn prepared for his final speech at the event.
The first thing that BT retail boss Gavin Patterson did on Wednesday morning was check the new season football fixtures to consider which games to pick for the telecoms group's new sports channels being launched next month.
Bond prices slumped, sending the yield on the 10-year Treasury note to its highest level in 15 months, as the Federal Reserve upgraded its growth projections for the U.S.
China is to make its most spectacular mark yet on London's skyline by developing the tallest residential tower in Europe - topped off with a five-star hotel to rival the Dorchester.
Government plans to privatise the Royal Mail could be hit after a boycott by thousands of postal workers moved a step closer today.