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Guest Charlie The Tramp

Mervyn King Rumoured As Successor To I M F Chief

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Guest Charlie The Tramp
The news sparked speculation that Bank of England Governor Mervyn King could be one of the contenders for Mr de Rato's job. Mr King's own term expires next summer, and the Treasury is expected to make an announcement about whether he will be reappointed this autumn. Mr King has made a number of speeches about IMF reform in recent months, but many will be surprised if he is not reconfirmed

Tradition dictates that European governments decide who heads the IMF, while the US chooses a World Bank president.

King rumoured as successor to IMF chief

I wouldn't be surprised if he feels a bit frustrated with recent events in the Monetary Policy Committee," he said. "He wants higher rates, but has been outvoted twice. But he's the kind of man who wants to see things through, and it would not be easy for a Chancellor not to re-appoint him given his current reputation.

"It would be extremely damaging for [Alistair] Darling."

Well that would be very interesting, I wonder if he would say the UK need to raise IRs and reduce money supply. :D

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His recent spate of bear-growling speeches makes perfect sense in the context of this speculation. Arriving at the IMF having been proven right in making repeated and ignored calls for higher UK IRs would give him unassailable credibility. My hunch is that Merv simply doesn't care what Brown thinks of his statements any longer - because the head butler is making plans to be somewhere else when his master's account has to be settled.

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Guest Charlie The Tramp
His recent spate of bear-growling speeches makes perfect sense in the context of this speculation. Arriving at the IMF having been proven right in making repeated and ignored calls for higher UK IRs would give him unassailable credibility. My hunch is that Merv simply doesn't care what Brown thinks of his statements any longer - because the head butler is making plans to be somewhere else when his master's account has to be settled.

Totally agree, I believe Mervyn will show he`s nobody`s Patsy when it comes to the crunch.

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His recent spate of bear-growling speeches makes perfect sense in the context of this speculation. Arriving at the IMF having been proven right in making repeated and ignored calls for higher UK IRs would give him unassailable credibility. My hunch is that Merv simply doesn't care what Brown thinks of his statements any longer - because the head butler is making plans to be somewhere else when his master's account has to be settled.

His behaviour these last few weeks is like a Damascan conversion,this is the guy who was sure rates had gone high enough last autumn.But now all becomes clear.Oh well,Lomax for Governor. :ph34r:

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What happened at the King of Debt's first meeting in charge, anybody remember?

July 2003, the rates were cut to 3.5%

Actions speak louder thans words and Mr Excuses' track record speaks for itself.

..........................

2003

Our £100-Billion-A-Year Debt Habit

July 29, 2003

OUR £100-BILLION-A-YEAR DEBT HABIT COULD END IN TEARS!

Today's "Lending to Individuals: June 2003"* figures from the Bank of England make for scary reading: at the end of June 2003, Britons collectively owed a colossal £878 billion - and our debt keeps growing every month. This figure is made up of £714 billion in mortgages and £164 billion of consumer credit (unsecured loans and plastic cards).

What's even more worrying is that, in the first six months of this year, our total debt increased by over £50 billion. At the moment, we're on target to increase our overall borrowing by an astonishing £100 billion during 2003. That's almost four times what the government aims to borrow this tax year (estimated at £27 billion)!

..........................

2004/5

http://www.credithelpline.net/personal_debt_stats.html

£1,065bn is the total UK debt at the end of January 2005. The growth rate remains strong at 12.6% for the previous 12 months giving us £116bn to start this year with, more than we had at the start of 2004, which was the largest single-year rise in debt since the opening of the Bank of England.

Total mortgage debt in 2004 rose to £101 billion. This is more than the complete net mortgage lending in the five years from 1994 to 1998 combined, at £99bn.

The Bank of England has noted that the total borrowing this year has increased households’ debt to 140% of aggregate income - above United States and most large European countries.

.............

2005.

http://www.i-newswire.com/pr50781.html

Personal debt in the UK reached its all time high in June 2005 and touched pound 1.1 trillion. According to the Bank of England, the total debt is 150% of the annualized aggregate post-tax income.

.........

2006

http://66.102.9.104/search?q=cache:osSjGgF...cd=16&gl=uk

Published 2nd Sep 2006, (a Saturday) at 01:00PM

See also... debt, spending, bankruptcy, uk, economy, credit-card, mortgage

This month's collection of the latest UK debt statistics by Credit Action makes for worrying reading.

At the end of July 2006 the total UK personal debt was £1,237bn. The growth rate increased to 10.5% for the previous 12 months which equates to an increase of £105bn.

Total secured lending on homes has exceeded £1 trillion (£1,000 billion) and in July 2006 it stood at £1025.4bn. This has increased 11.2% in the last 12 months.

.......

2007

http://www.creditaction.org.uk/debtstats.htm

Total UK personal debt

Total UK personal debt at the end of April 2007 stood at £1,325bn. The growth rate increased to 10.4% for the previous 12 months which equates to an increase of £114bn.

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I actually think hes rather good. certainly in comparison to the rest of the MPC he is a shining Star.

....as Chairman he does not appear to have much influence......! accordingly he is ineffective.....and the storm is gathering out of control....

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Since 1997 when the BoE became independent Mervyn King holds the voting record for increasing rates.

http://www.bankofengland.co.uk/monetarypolicy/mpcvoting.xls

29 increases

14 reductions

79 holds

...Mervyn is average for 'yes' as a percentage of meetings attended.....

Sir Edward George 12.16

Mervyn King 23.77

Rachel Lomax 14.58

Sir Andrew Large 30.00

Paul Tucker 19.67

Charles Bean 9.76

Kate Barker 13.51

Stephen Nickell 12.33

Christopher Allsopp 0.00

Marian Bell 11.11

Richard Lambert 14.71

Sir Alan Budd 27.78

Willem Buiter 47.22

Charles Goodhart 33.33

John Vickers 35.71

DeAnne Julius 4.44

Sushil Wadhwani 8.11

Ian Plenderleith 14.75

Howard Davies 100.00

David Clementi 13.11

David Walton 16.67

Sir John Gieve 29.41

David Blanchflower 7.69

Tim Besley 70.00

Andrew Sentance 77.78

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