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Former MPC member calls on Mervyn King to quit

A former member of the Bank of England’s Monetary Policy Committee has called on Mervyn King, governor of The Bank of England to quit over Revelations in Wikileaks.

KING

Writing for the Guardian David Blanchflower says King’s thirst for power has clouded his judgements.

He says:  “Mervyn King is one smart guy and that has always been abundantly clear. Unfortunately, it is his thirst for power and influence that has clouded his judgement one too many times.

“He has now committed the unforgivable sin of compromising the Independence of the Bank of England by involving himself in the economic policy of the coalition. He is expected to be politically neutral but has shown himself to be politically biased and as a result is now in an untenable position. King must go.”

The Wikileaks report shows that King says David Cameron and George Osborne are out of their depth on economic policy.

Blanchflower adds: “There were insights, though, in the embassy documents that I found truly shocking, not least the details of King’s attempts to co-author the coalition’s strategy on the deficit. That is definitely not part of his job description.

“And this information emerged only a few days after revelations at the Treasury select committee that members of the MPC were uncomfortable that statements King had made were overly political.”

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