The Governor of the Bank of England Sir Mervyn King has claimed he is not to blame for the financial crisis. In a speech he gave on Wednesday King stated that it was the system to blame and not one particular person however he has been criticised recently about how he has handled the crisis which has seen the country fall back into recession. In fact past members of the Bank of England’s Monetary Policy Committee have claimed that Sir Mervyn King could and should have done more to prevent the banking crisis which led to a stagnation of our economy. This debate will do nothing to help the UK economy and shows a lack of unity in the UK’s Central Bank and in a time of uncertainty one this is sure we will need a unified Bank of England to help us get out of recession.
In Political news, there was a feisty TV debate in France between two of the leading candidate as Sunday’s general election draws ever closer. While it is still unclear who will be victorious we can expect some market volatility following the announcement on Sunday so next week could be important for Sterling Euro exchange rates. Today in London people will be going to the polls for the Majoral elections and this could give an insight into how the Capital see’s the current state of UK politics, a victory for Ken Livingstone and Labour could throw the cat amongst the pidgeons.
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