Sir Mervyn King Launches Fierce Attack of Self-serving Banks and Weak Labour after Accusation of Complacency

THE DAILY TELEGRAPH: Sir Mervyn King, the Governor of the Bank of England, has launched a fierce attack on self-serving banks, the weakness of politicians in the face of the forceful bank lobby, and the Labour Government.

The Governor was angered by a comment from Andrew Large, a Labour MP on the Treasury Select Committee, who accused him of being “relaxed” about the current economic situation.

In a remarkable outburst in front of the committee he said he was "far from relaxed or complacent".

"I am actually rather concerned about it. I want to see something that makes sense economically, not something which is just a gesture."

Sir Mervyn said he had been "consistently and publicly" dissatisfied with what has been done.

"I said to the pervious government that the scale of the recapitalisation of the banks was inadequate and their actions in making sure banks lend to SMEs was also inadequate. I made that very clear."

The Governor then proceeded attack the current behaviour of banks – suggesting they are even trying to profit at taxpayers’ expense. » | Telegraph Staff | Wednesday, February 29, 2012