And a new Prudential Regulation Authority will monitor the performance of banks and other companies that manage significant risks on their balance sheets.

BBC: Bank reforms must press ahead, says Which?

The projects include two hotels, a new Prudential office tower, the relocation of Panasonic's North American headquarters, two additional loft conversions and long-sought amenities, such as a Dinosaur Bar-B-Que restaurant.

WSJ: Cory Booker Eyes Third Term as Newark Mayor

Mr King will now chair the interest rate setting Monetary Policy Committee (MPC), the new Prudential Regulation Authority (PRA) to monitor individual banks, and the new Financial Policy Committee (FPC).

BBC: Treasury Committee