Thursday, 26 February 2009

Lord King at the Treasury Select Committee

I see in The Times that Lord King,
"The Governor of the Bank of England said that the country was so deep in debt before the financial crisis that it is making recovery more difficult.

Speaking this morning in front of an influential panel of MPs, Mr King took a side-swipe at the Government, saying debt levels had meant the UK fiscal stimulus had to be smaller than in other countries.

“I do think public debt matters. We get to this crisis with levels of public borrowing that were too high and that made it difficult," he said. But he dismissed the suggestion that UK plc was going bust as “wild exaggeration” . "

The BBC however prefer to report Lord King's words criticising the system of remuneration for UK bankers which offered a "reward for gamblers" during the boom years.

Now why would the BBC spin their article that way? Could it because the agreed Labour/BBC "narrative" is that the economic crisis is the fault of America and the bankers and not the glorious leader?

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