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King: No Bank remit change

The Bank of England's remit should not change to include anything other than the 2% target of inflation, the outgoing Governor Sir Mervyn King has told ITV News.

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BoE Governor: UK recovery 'is in sight'

The Governor of the Bank of England, Sir Mervyn King, has said the UK's recovery "is in sight".

Speaking to ITV News' Economics Editor, Richard Edgar, he said: "'A reasonable judgment based on where we are today is that recovery is in sight".

The Governor of the Bank of England, Sir Mervyn King Credit: ITV News

"If you just take away for the moment what happened in the North Sea Oil production and in construction, the UK economy even last year grew by 1.5 percent.

"There is momentum behind the recovery that's coming and I think that during the course of 2013 we will see the recovery come into sight."

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