President of the World Bank quit

Paul Wolfowitz will now quit his post as President of the World Bank on 30th June.

He has faced widespread calls for his resignation after it was revealed their may be a conflict of interest over a pay rise and promotion given to his girlfriend.

Paul Wolfowitz who was a former deputy defence secretary for the United States, had the backing of The White house, but it has now been revealed that President George W Bush reluctantly accepted his decision to quit.

Mr Wolfowitz has been under severe pressure for weeks over this alleged conflict of interest especially from European politicians calling on him to step down to prevent the Bank's credibility being tarnished further.

A statement from the World Bank board of directors said that it accepted Wolfowitz’s assurances that he “acted ethically and in good faith”, but acknowledged that a “number of mistakes” had been made.

The role of President of the World Bank has traditionally been occupied buy Americans as the US is the bank's largest shareholder, but it has been stated by a former senior vice president and chief economist at the World Bank on BBC Radio 5 that Mr Tony Blair was in the frame for the Job and stated “He is one of the people that is clearly being discussed”

It is thought that Mr Blair would have the support of President Bush, but it is not clear whether this post will be of interest to Mr Blair, only time will tell.