Britain's Chancellor of the Exchequer, Mr Gordon Brown, may emerge as a surprise contender to be the new managing director of the International Monetary Fund (IMF). He has told colleagues and friends he would consider heading the world's leading international financial institution.

Mr Brown is thought to be attracted by the prospect of moving to Washington to take on the challenge of overhauling the IMF and its links with its sister organisation, the World Bank, especially as there is no European front-runner for the job.

Another interpretation circulating is that Mr Brown is resigned to the fact his long-held ambition to become prime minister looks unlikely to be realised in the near future.