At the Mansion House dinner last night Mervyn King, Governor of the Bank of England, once again by implication criticised the economic policies of the "Chancellor" and Mr.Darling, although more G.Brown.
He had some commonsensical things to say about supervision, and the stupidity of the idiot-designed tripartite regulatory system. The bank must ensure economic stability but only by observing and with little power to act. He also suggested that retail banking should be separated from investment banking, the former needing to be much more cautious than the latter
He again expressed concern about the "splurge for growth" and the mounting government debt mountain.
In many respects his speech could have been written by George Osborne, who must have been delighted by what he heard or read.
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