Mervyn King, the Governor of the Bank of England admitted in a speech to the TUC congress today that it was financial firms and policy-makers who caused the economic crisis, admitting: "We let it slip." a huge understatement and one that’s states the blindingly obvious.
It also proves that saying sorry for the mess is the easy bit. Clearing up the mess will be more difficult and of course it’s easy to be wise in hindsight.
Mervyn King’s also said “the costs of this crisis will be with us for a generation”. And questioned the large bonuses that the UK’s bailout banks are still paying by saying he could understand why they are doing it while the banks are still struggling.
It’s all good populist rhetoric that will find some favour among the TUC members in Manchester and generate some strong headlines for him, but seen as he was the Governor of the Bank of England before and during the financial crisis and he is secure in his job, his words to those facing redundancy and those already unemployed and looking for work will ring rather hollow.Any source
No comments:
Post a Comment