Wednesday, October 1, 2008
Go Merv, give them a good kicking from me
All the same, the Bank has another tool it has so far been reluctant to brandish: interest rates. Unless the Monetary Policy Committee cuts borrowing costs in the coming months, it is likely to face further ire from the City - though it is hard to blame King specifically for something a nine-person committee decides. The overarching question, however, is whether the Governor ought to be endearing himself to the world of finance in the first place. The last central banker to do so was Alan Greenspan, and look what happened since.