I don’t know Mervyn King particularly well. I’ve talked with the Bank of England Governor a deux just a few times over the years, always at official functions. Rather than Whitehall and Threadneedle Street, my vantage point as an economics commentator has been the world of international business, initially as a correspondent and, more recently, as a practitioner. I can barely remember the last time I was in the same room as Mervyn King.
I mention all this because what follows may differ from other commentaries you’ve recently read. At a time when British economic policy-making has descended into shrill claims and finger-pointing, I don’t want anyone accusing me of ulterior motives. That will, no doubt, happen anyway but one must learn to live in hope.