It looks increasingly likely that Goldman Sachs will soon lose its chief international economist, Gavyn Davies, to the BBC. Davies is currently vice-chairman of the state broadcasting organisation and already spends part of his week there. But the odds are rapidly shortening that he will move up to the chairman's role when Sir Christopher Bland departs towards the end of next month. If that happens, the wealthy Goldman partner will have to quit the investment banking world to concentrate on the BBC.

The main rival contender for the chairmanship was thought to be Margaret (Baroness) Jay, the Labour peer. However, Davies has cunningly put paid to her prospects by letting it be known in government that he would be more than happy to continue as vice-chairman whoever was appointed as chairman. This makes it virtually impossible for the government to appoint a left-leaning candidate, let alone a former Labour minister, as chairman because it would mean both the chairman and vice-chairman were Labour supporters.