ED’S BLOG: Can Merv the Swerve curve round the flak?
MERVYN KING, governor of the Bank of England, is facing a torrid time from MPs on a House of Commons Treasury Select Committee. He is answering questions about the ‘credit crunch’ that nearly sent Northern Rock to the bottom with all hands and fending off accusations that he did not take the matter urgently enough. Still, this studiously private son of a railway clerk who rose from suburban obscurity to become one of the most powerful men in the country will not be budged easily. He’s denied he was “leant on” by the Government to do a U-turn on Northern Rock and said that “no lasting damage” had been done to the British banking system. But insider banking sources have expressed “fury” with King’s uncertain handling of the crisis and there is speculation that he will not be asked to continue in the governor’s role once his current term is over. So will you put your money on Merv or not?