Update: former Southam vicar confirmed as next Archbishop of Canterbury

Justin Welby, who was Rector of St James’ church in Southam and vicar of Ufton from 1995 to 2002, has agreed to accept the post.

On Tuesday bookmakers Ladbrokes and William Hill suspended betting on the decision after receiving a flurry of bets placed on Bishop Welby, who is currently the Bishop of Durham.

Bishop Welby has been selected over better known candidates including Archbishop of York John Sentamu and the Bishop of London Richard Chartres.

A decision from the selection panel on the Crown Nominations Commission has been expected for weeks.

Yesterday’s Daily Telegraph reported that Bishop Welby, a former oil industry executive, was to accept the post, while the religious correspondent for the Times told BBC Radio 4’s Today programme that Bishop Welby’s strong financial and business background was likely to have been viewed as valuable experience.

Bishop Welby has also been canon residentiary at Coventry Cathedral and co-director for international ministry at the international centre fo reconciliation, before becoming sub-dean and Canon for the Reconciliation Ministry in 2005 and Dean of Liverpool Cathedral in 2007.

His work at Coventry involved spells in the Middle East and Nigeria, where he was kidnapped more than once.

Bishop Welby is currently also a member of the parliamentary committee looking into professional standards and the culture of the UK banking sector.