Bank's King tells Labour MP that even he will be voting for fiscal consolidation after 2015

Challenged by Labour MP John Mann on government spending cuts, outgoing Bank of England governor Sir Mervyn King has said that even Mann will be voting for some form of fiscal consolidation after the next election.

King said that in the Eurozone where there are no other measures to support growth, austerity has failed, but that the story is different in the UK.