BoE fears King's politics; Call to cut 50% HNW tax rate

Members of the Bank of England court revealed yesterday they are "uncomfortable" with governor Mervyn King's involvement in politics.

Giving evidence to the Treasury Select Committee (TSC) Sir Roger Carr, BoE court member, said politicians must not draw on King when they speak in Parliament, making it seem he is giving political support, the Telegraph reports. King's own public comments made over the past few weeks, in which he criticised the banking industry and warned of a drastic fall in living standards, were also a cause for concern. Read more here Osborne must cut 50% tax, say directors The chancellor must promise to abolish the 50% tax rate on high earners in the 2011 Budget, the Institute of Directors ...