Blanchflower brands Mervyn King a 'cruel tyrant'

A former member of the Monetary Policy Committee has claimed Bank of England governor Mervyn King was "unprepared for the crisis" that wrecked the world economy and "controlled the bank with an iron fist."

Writing in the New Statesman, David Blanchflower, who sat on the MPC between 2006 and 2009, said the governor oversaw an organisation with shockingly "low morale". "A tyrant looks to his own advantage rather than that of his subjects and uses extreme and cruel tactics," he said, alluding to the behaviour of King in his role as head of the bank. He also intimated King had become too political, criticising his "dalliance with fiscal policy" as a "major mistake". He added the governor had crossed a line by endorsing the coalition government's failed austerity programme. Blanchflower ...