Meryvn King says that UK debts were too large.

tomstickland

http://business.timesonline.co.uk/tol/business/economics/article5807797.ece

I'm sure we can do the merry go round regarding debt/GDP percentages and Eurostat figures again. Maybe someone can wheel out the bbc article "when a record isn't a record (don't worry, we don't have large debts, just get on with watching x-factor).

MrFonzerelli

A cynic would say that he is very aware his employers are likely to change at the next election.

Wookster

He is correct, but coming from the BoE Governer who failed to see the near collapse of the entire Western banking system he looks like a bit of a twit himself, and his credibility is surely shot to pot.

StevieJ

Says he has no authority to influence events, how much pension is this guy due

The Governor also denied that the Bank was responsible for the financial crisis. While being questioned by the MPs, he said it "simply had no powers to take any action".

MrFonzerelli

We should check whether Meryvn ways the same as a duck! :cool:

Degenerate

fatpig wrote: »

Mervyn kept interest rates too low for too long and fed the bubble.

Throughout the boom we were consistently among the highest interest rates in the G7. Anyway, Mervyn's remit was to target 2% CPI and that's what he did.

ad9898_3

The Governor of the Bank of England said that the country was so deep in debt before the financial crisis that it is making recovery more difficult.

And in other news, bears sh*t in the woods. Seriously have these people been in a catatonic sleep for the past 8 years ??

Degenerate

fatpig wrote: »

It was over 5% only a few months ago. He couldn't even do that right!

Oh right, so what you're saying is, as the economy was heading into serious trouble, and especially the banks, he should have reacted to the effects of last summer's oil price bubble by raising rates to make people's mortgages more expensive and therfore cause more defaults?

Rochdale_Pioneers

He also points out that comparisons to Zimbabwe and claims that we'll go bust are a "wild exaggeration".

Will be interesting to see if the frothers use his statement that we're a "million miles" away from Zimbabwe to prove their point that we are just like Zimbabwe.

Wookster

Rochdale_Pioneers wrote: »

He also points out that comparisons to Zimbabwe and claims that we'll go bust are a "wild exaggeration".

Will be interesting to see if the frothers use his statement that we're a "million miles" away from Zimbabwe to prove their point that we are just like Zimbabwe.

There you go - with your wild accusations again. Its a bit tiring Rochdale.

And yet again, you miss the main point: Mervyn says that government debt is too big! Everyone seems to be saying this aside you the Labour Party, Union leaders and yourself...

ad44downey

Oh dear. Mervyn 'wise after the event' King is at it again. I don't know how he has the gall to pick up his wage packet.