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BoE should have given stronger crisis warning – King
“Britain's economy is recovering more slowly than hoped from a financial crisis which the Bank of England should have warned about more forcefully, BoE Governor Mervyn King said on Wednesday.
The central bank chief, giving the first peacetime radio lecture by a BoE governor since 1939, also defended Britain's policy mix of ultra-low interest rates and tough government austerity measures.
King, whose tenure as governor ends in just over a year, admitted the Bank had failed to properly identify and warn about risks facing banks in the run-up to the 2008 crisis.
"We did preach sermons about the risks. But we didn't imagine the scale of the disaster that would occur when the risks crystallised," King said.”
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