Ed Balls’ irresponsible attack on Mervyn King is a clearly calculated attempt to undermine the Bank of England for Balls’ own narrow political ends. Balls both approved Mervyn King’s appointment and supported King as Governor when he was Chief Economic Adviser to the Treasury. Balls was central to creating the record deficit left by Labour, yet who has no plan for clearing the mess up.
Now he is attacking the Governor of the Bank of England for supporting the Government’s plan to deal with the deficit. In what way is it political for the Governor to support the Government? I’d say that’s deeply non-political.
By contrast, to play narrow party politics with the Governor’s position in the way Balls is doing today shows how desperate Labour has become. Is he also going to attack the IMF, OECD, European Commission, and G20 which all agree that action is needed to deal with the appalling deficit he left?
Increasingly, there is a pattern here.
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