Carney's BOE Celebration Reopens Crisis Wounds Among Key Figures
- Gordon Brown says bank was too slow to respond to downturn
- Mervyn King says that’s an ‘attempt to rewrite history’
Mark Carney: BOE Alone Can't Deliver Prosperity
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A conference that was meant to toast 20 years of Bank of England independence re-opened old grievances between two of its key architects.
Former U.K. Prime Minister Gordon Brown, who gave the BOE autonomous control over interest rates in 1997 as head of the Treasury and one of the keynote speakers on Thursday, told the conference that he wasn’t happy with the bank’s initial response to the financial crisis in 2007. Though he wasn’t in attendance, Mervyn King, governor during the turmoil, took a dim view of that.