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Crunch far from over, warns Bank of England chief Mervyn King

PA [1]
May 12, 2010

Bank of England Governor Mervyn King today gave his approval to the new ruling coalition’s fiscal plans, declaring himself “very pleased” by what he had seen.

In comments following the publication of the Bank’s quarterly inflation report, Mr King said the UK’s deficit problem would take a full parliament to fix.

But he was content that the Liberal Democrat and Conservative blueprint provided a “clear and binding commitment” to tackling the issue.

In a further slap to the previous government, Mr King said Labour’s plan for dealing with the situation lacked ambition.

Mr King said markets had been waiting for the election to be over and now “need and want a very strong signal” from the Government.

Full article here [1]