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Sunday 19th of September 2010

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September 15, 2010

BoE governor braves TUC annual congress

by Gill Montia

Story link: BoE governor braves TUC annual congress

The Governor of the Bank of England has suggested that trade unionists should work with the Bank to solve the problems facing the UK economy.

In addressing the TUC’s annual congress in Manchester, Mervyn King firmly laid the blame for the financial crisis on financial firms and policy-makers, telling members of his audience they were “entitled to be angry” over job losses and bank bail outs.

However, he added: “Legitimate anger will not produce change unless its energy is harnessed to a cool analysis of what happened and why.”

Tackling the government cuts that have prompted threats of widespread industrial action, Mr King explained: “It is vital for any government to set out and commit to a clear and credible plan for reducing the deficit.”

He added: “And I would be shirking my responsibilities if I did not explain to you the risks of failing to do so.”

Mr King is only the second Bank of England governor to address to the TUC in its 142-year history, following on from Eddie George, in 1998.

 

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