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Will Mervyn King fall on his sword?

The recent very public attack by David Blanchflower, a former member of the MPC, upon Mervyn King, the Gov of the Bank of England, has set many tongues wagging in the city. This is the first such public fallout from the MPC and while David Blanchflower is no longer a member of the committee he still remains very influential and has the ear of the city. So is the Mervyn King the victim of a political smear or is he really not up to the job?

Mervyn King has had to take enormous criticism on the chin over the last few years partly because of the fact he is so independently minded and unwilling to bow down to government pressure. Indeed, just prior to his reinstatement as Gov of the Bank of England, the government had been circulating rumours that he was on the verge of leaving the Bank of England to be replaced by a more government friendly figure. However, in the midst of one of the worst recessions in living memory it was decided that the risk of ejecting Mervyn King was too great and continuity was the name of the day.

Those expecting Mervyn King to fall on his sword, for whatever reason, appear to be very wide of the mark!

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