Bank Of England's Sir Mervyn King Made Life Peer

Outgoing Bank of England governor Sir Mervyn King is being made a peer, Downing Street has confirmed.

Prime Minister David Cameron nominated the banking chief for a life peerage for his significant contribution to public service.

The announcement comes as Sir Mervyn gives his final Mansion House speech tonight.

Chancellor George Osborne, who confirmed the honour to guests at the annual event in the City of London, said that Sir Mervyn had "helped to lead our country through an extraordinary period".

He added: "More than that, you have been the original thinker who has taken Britain on the journey that began with inflation targeting to monetary independence and now to far reaching reforms to prudential regulation and financial oversight.

"I can think of few people who have done more to shape our public discourse in the last 30 years and you have done so with integrity, intelligence and patriotism and also with a seemingly endless supply of sporting metaphors.

"So, here we go, you had to play on a sticky wicket but you leave with our economy now emerging from the ashes."

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