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Gordon Brown responds to Mervyn King's criticism of the banking bailout

Gordon Brown has today responded to Mervyn King's criticism of the UK government bailout of the UK banking system after his controversial comments yesterday. Despite the fact that Gordon Brown, Alistair Darling and Mervyn King worked very closely as the banking bailout was happening it appears that there is now a parting of the waves with Gordon Brown and Alistair Darling on one side and Mervyn King on the other.

It has been well known within the city for some time that Mervyn King has not always been a favourite of the UK government due to his controversial comments and willingness to deviate from the official line. It now seems as though Mervyn King is looking to "get his own back" on the UK government and various whispering campaigns which were put in motion against him.

The UK government was effectively steamrolled to confirming Mervyn King's recent reappointment as Bank of England Governor because of the difficult situation in the UK money markets and the banking sector as a whole. There may also be some political bias in Mervyn King's comments because it is well-known that the Bank of England would receive more regulatory power under a Conservative party government.

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