Thursday, 18 June 2009

Mervyn King: Vote Tory for sane policies

This is the gist of his aggressive speech at mansion house last night. After Alistair Darlings' soporific musings on nothing in particular, Mr King came the fore in saying:
1. Government spending is out of control (and implicitly we will have our debt rating downgraded without some concrete policies); this is an attack on both main parties.

2. A plan is needed to REDUCE the deficit; this is in direct contrast to Brown/Darling who have said spending will increase.

3. The Bank of England needs more powers; again this is the Tory policy and the opposite of Labour, who said everything is fine really.

4. The big banks are too big and ways must be found to control them, this is partly an extension of point 3, but again is the idea being floated by Richard Spring of the Tories to separate Investment banking and Retail banking.


On reading the reviews of this speech, there is no other way to see it. it is a huge criticism of the current Government and a vote of confidence in the opposition. I don't think the Bank of England Guvnor has set himself into such a position, certainly not since independence in 1997.

No doubt, Mr. Brown will come up with some new ideas to restrict the independence of the Bank in short order. The FSA is much more compliant with his views after all...

10 comments:

Paul said...

the idea being floated by Richard Spring of the Tories to separate Investment banking and Retail banking.

Halle-effing-lujah.

That really shouldn't have been as difficult as it has been for everyone to conclude.

Forced separation of the 150mph fruity ferrari investment business from the fuddy-duddy 15mph with stabilizers retail business is a an utter no brainer.

Anonymous said...

Taxi for Mr King!

Anonymous said...

King makes his move to secure his job under the new government then? having seen that sticking to Herr Broon is a dead-duck

James Higham said...

Tory - yes. Cameron? Oh dear.

roym said...

Paul,

i think we used to have the 15 mph fuddy duddy stuff. they were called building societies. then some clown set em free.

So merv's grown a pair has he? bit late now isnt it?

we've come this far with those sodding banks, can anyone really see any govt splitting them up thus enabling foreign ownership? one interloper (santander) is bad enough!

Demetrius said...

This has all the signs of becoming really nasty. It ought be quite interesting. It is the thought of who is going to pay for it all is what is worrying me.

Old BE said...

Will our Great Leader be so proud of making the Bank "independent" now?!

CityUnslicker said...

re splitting up banks.

I happen to think this is not a bad idea in principle; but the world has moved on.

in the US they encouraged Goldman to go the other way.

I don't think it will see the light of day in reality; but a useful stick to beat them with.

BARC excepted, who will relish flogging the high street unit so they can play global investment bankers with barcap.

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