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Is Mervyn King On Probation?

As the economic crisis in the UK deepens there is a strong belief that once the economy shows any sign of recovery Mervyn King, the Governor of the Bank of England, will be shown the door. His various committees at the Bank have refused steadfastly to carry out a number of changes which the government has suggested, such as reducing interest rates to refloat the UK economy.

While the Bank was given full independence by Gordon Brown in his time as Chancellor it seems that many in the government would like to reverse that decision as soon as possible. However, Mr King refuses to toe the party line and has been at odds with many government suggestions and comments over the last few weeks. It was even suggested that King would take the rap for the Northern Rock debacle, even though on closer inspection it seems to have been government red tape which stopped him acting quicker.

Can Gordon Brown afford to jettison the Governor and retake the Bank, completing the u-turn of u-turns? Or will he have to wait until a quiet moment to tighten his group on the leading financial institution in the UK?

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