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Mervyn King attacks UK government and £1 trillion support for banking sector

In a move which will not be appreciated by the UK government, Mervyn King, the Governor of the Bank of England, last night went on the attack and issued a stinging criticism of the UK government bailout of the banking sector. He described the £1 trillion government supports as "breathtaking" going on to suggest that the UK taxpayer will be in debt for a generation because of the bank bailout.

Expressing a view which many in the city also adhere to, he highlighted the fact that despite the billions upon billions of pounds of UK taxpayers money poured into the system, there has been little or no regulatory change as yet and indeed UK banks are getting ready to pay billions of pounds in bonuses. While some will express surprise that the attack by the Governor of the Bank of England comes just prior to a general election, it is well known in the city that Mervyn King has in the past been the victim of a whispering campaign by various government sources.

It would appear that Mervyn King has seen the opportunity to "get his own back" and this is unlikely to be the last we hear of his thoughts about the UK government with Alistair Darling and Gordon Brown in particular in his sights.

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