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Has George Osborne received the stamp of approval from Mervyn King?

Over the last 48 hours there has been intense speculation regarding George Osborne's position with many believing he was to be replaced by Vince Cable the deputy leader of the Liberal Democrats. However, the coalition government yesterday announced plans for a £6 billion reduction in public sector spending during the current tax year which was well received by markets and especially by Mervyn King, the Gov of the Bank of England. So has George Osborne received the seal of approval from the Bank of England?

There is no doubt that Mervyn King's comments yesterday were unexpected although very much welcomed by the new coalition government. George Osborne has been under pressure for some time amid claims he is a "lightweight" with very little experience. However, there is no doubt that David Cameron holds his friend in high esteem and despite pressure to push him to one side in the coalition government he will play a vital role in the future.

A reduction of the UK budget deficit is the number one task for the coalition government and yesterday's initial comments have given hope to many. It just shows that 48 hours in politics is a long time with the name of Gordon Brown cast aside into the history books with David Cameron now the youngest prime minister for nearly 200 years.

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