Governor supports new Bank of England remit

The outgoing Bank of England Governor Sir Mervyn King and his successor Mark Carney support the new remit for the Monetary Policy Committee outlined by the Chancellor.

Sir Mervyn wrote to George Osborne saying, "It is, in my view, a sensible change to previous remits and contains useful improvements to the framework".

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Govt: Economy 'could be worse'

The Chancellor George Osborne has told ITV's Daybreak that the country's economic problems "could be a lot worse", referring to the situation in Cyprus, as he defended his Budget plans to kickstart the recovery.