Downing Street Says » Bank of England

» Wednesday, November 7, 2007

Bank of England

Asked if the Prime Minister had regarded the Governor of the Bank of England’s recent comments as helpful, the PMS said that he had nothing to say on the matter except that as had been said repeatedly, the Prime Minister thought that the Governor of the Bank of England was doing a first rate job. Asked if he expected the Governor to be re-appointed, the PMS replied that there would need to be a process in relation to re-appointment, but repeated that the Prime Minister thought that the Governor was doing a first rate job. Put that the Governor had pressed hard for legislation on deposit guarantees and had the Governor suggested this when the Prime Minister had been Chancellor, the PMS said he did not want to get into talking about internal Tripartite Committee discussions.

Asked if the Prime Minister thought it was a rational response by Northern Rock savers to queue up and withdraw their savings during the Northern Rock crisis, the PMS replied that as the Government had made clear at the time, people were entitled to do whatever they liked with their money. These were decisions that were taken by individuals. The key point was that the Chancellor took decisive action in order to stop the run on Northern Rock.

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