Bank of England

King and country

Bad debt and bad news' management

Mervyn King Mervyn King
What is now more correctly called the financial crisis started out as the credit crisis. But back in the mid part of 2007 we were all feeling our way. As per usual it was the politicians who rose to the occasion first in so far as they saw an opportunity, not least Gordon Brown and his spinners. The crisis was seen as a chance for Brown to show himself to the voters at his best. That did not work out as planned the Brown 'bounce' came and went. Never mind Brown had blazed a trail for others to follow. Sir John McFall, yes another Scot, and the Chairman of the Treasury Select Committee was not shy to follow his Leader.

McFall seems genuine enough, at first, but it soon becomes clear he is also enjoying himself; a man with a mission. This could be dangerous. McFall left school very young, you could in those days; there was no attempt to keep people in school so as to fiddle the unemployment statistics. He also left without any qualifications. Then he 'got going' and, full credit to himself, obtained a Bachelor's degree and then an Open University MBA. So he lifted himself out of obscurity and onto something better. There are suggestions that this is harder to do these days; perhaps a Parliamentary Committee should look into this?

Syndicate content