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Has there been a fall out at the Bank of England?

Mervyn King has effectively been cut adrift by fellow members of the monetary policy committee of the Bank of England with news that at least one member is not willing to back his program to break up the larger UK banks. The Gov of the Bank of England has been under pressure for some time after numerous disagreements with the UK government as well as some fellow members of the monetary policy committee. So where does this leave Mervyn King?

It is widely known that Mervyn King has not been one of the more well liked Governors of the Bank of England although ultimately he says it how he sees it, which in the eyes of traders and economists is exactly what they want to see. However, his constant bickering with the UK government and now the revelation that not all members of the MPC would follow his recommendation regarding UK banks has in many ways left him adrift.

The only positive news on the horizon for Mervyn King may well be the likelihood that a Conservative government will win the next general election, a party which he appears to be growing closer to and from whom he can expect support in due course. Whether his controversial, and often aggressive, approach to the UK banking system and the regulatory framework will go down well with the next government of the UK remains to be seen.

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