Who will succeed Mervyn King as Bank of England governor?

The government has begin the process of appointing a new governor for the Bank of England to replace Sir Mervyn King.

Deputy governor Paul Tucker has emerged as the strongest candidate.

Whoever gets the job will need to be made of stern stuff, as they will responsible for overseeing the Bank's three main jobs: keeping a lid on inflation; ensuring the entire banking system does not run into the sand; and making sure individual banks do not go bust.

Robert Peston reports.