Bank of England King To Stay King

Bank of England King To Stay King

Bank of England chief Mervyn King is to remain on the throne at the Bank of England.

Mervyn King has been reappointed as governor of the Bank of England for a second five-year term.  He became governor in July 2003 after being deputy governor from 1998 to 2003.  

Chancellor Alistair Darling says “Mervyn King has played a key role in delivering macroeconomic stability in the UK and his leadership and experience will continue to prove invaluable to the Bank of England”.

Our view

You are only as good 'as your last game' as they say in sport and certainly economic stability is not with us today despite it being with us for a few years.  Why is this?

All too many people claim credit for our past economic stability, Gordon Brown rode that wave for a few years as Chancellor.  

Both Gordon and Mervyn are still in power so why are we now in economic turmoil?  It is because they actually have no control over market forces or over World economies and both affect us greatly.  It is not just their meddling with interest rates once a  month that delivers a stable economy but they tell us it is.  Anyway, the King is still with us.

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