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He might not be the next director of the London School of Economics but, as consolation prizes go, Mervyn King must be counting his blessings. Tipped as the next director of the LSE, Professor King was appointed governor of the Bank of England three weeks ago, while Sir Howard Davies, chief executive of the Financial Services Authority, was last week named new director of the LSE. Sir Howard had been widely expected to be appointed governor of the Bank of England. This week, the links were elaborated further when the LSE announced it was awarding Professor King an honorary fellowship.