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Bank governor to get Canterbury degree

Sir Mervyn King Credit: PA

Sir Mervyn King will receive an honorary Doctor of Civil Law degree in recognition of his contribution to economics and public life tomorrow at a ceremony at Canterbury Cathedral.

The Bank of England governor told MPs today the culture within investment banks had started to change.

In a hearing with the Parliamentary Commission on Banking Standards, Sir Mervyn said the investment banking industry was seeing a "new generation of leadership".

But the governor, who will step down in just over seven months, said proposals to introduce ring-fences to protect high-street operations from investment divisions was still necessary.