It Not My Fault Guv'na

It wouldn’t be a normal month if I didn’t bleat about my least favourite man in the UK economy. 

Before I kick off with this one, let me make something very clear……I do not hold a grudge against Sir Mervyn King, the governor of the Bank of England. Well, except the small one relating to the issue of the banking collapse happening on his watch. The most culpable yet retained his role until his second 5 year term comes to an end next year. Thankfully.     

You would think that after such colossal failure, you would keep a low profile and dodge a few bullets……but not our Merv. A Radio 4 interview last week proved too good an opportunity to miss to blame everybody except the Bank of England and announce the obvious……“light touch regulation of the banking sector did not work”. Genius.

If Mervyn King had thought more regulation was important, surely he could have done something about it. He didn't and he must take responsibility for the fact the he missed the biggest financial crisis in a century.

There is no doubt that we are going to get more regulation of the banks but there could barely have been much less. Maybe the stable door is being shut at last. But the most influential figure in the UK economy left the stable door open in the first place.

Actually, come to think about it I reckon that grudge is pretty much warranted……unfortunately.