It has been rumoured that Mervyn King, the governor of the Bank of England, could resign if Gordon Brown goes ahead with a state-backed controversial mortgage scheme.
With the British Prime minister in trouble, even with some members of his own party, the likelihood of King resigning could be another hammer blow. Much seems to hinge on a report, produced by Sir James Crosby, commissioned by the government, and now being studied by Chancellor Darling.
It seems that Mervyn King has let it be known privately, that he considers risk and reward to be part of the mortgage market, and that underwriting mortgages is not something that the Bank of England should get involved with.
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King Could Quit Over Mortgage Plan
King Could Quit Over Mortgage Plan
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