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King: public ‘right to be angry’ with banks

by: IFAonline
  • 03/06/2013
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King: public ‘right to be angry’ with banks
Outgoing Bank of England governor Sir Mervyn King has said people have "every right to be angry" with banks over the financial crisis.

In one of his final interview’s in post, he told BBC Radio4’s Desert Island Discs he understood the public frustration as slow growth affected living standards but said there were signs economic recovery is under way.

However, he also cautioned against blaming individuals, the BBC reports.

“In many ways, when the crisis hit in 2007-08 I was surprised that people weren’t angry sooner,” King said, speaking to Kirsty Young for the programme.

“You can see it coming through now as the impact on standards of living becomes more obvious and they have every right to be angry.

“But this crisis wasn’t caused by a few individuals, it was a crisis of the system of banking we had allowed to grow up.

“It’s very important we don’t demonise the individuals but we do keep cracking on with changing the system.”

Mark Carney will take over from King next month.

King’s Desert Island Disc selection:

    •    Mambo No 5 – Lou Bega
    •    Mozart’s Symphony No 40
    •    Beethoven’s 7th Symphony
    •    Highway 61 – Bob Dylan
    •    Rotterdam 82 – Doug O’Brien
    •    I Remember the Wonderful Moment – Boris Gmyrya
    •    London Concerto by Hugh Watkins, played by London Symphony Orchestra
    •    My Ship from Lady in the Dark, performed by Anne-Sofie von Otter

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