UK business chief singles out King

Richard Lambert, a former member of the monetary policy committee who now heads the Confederation of British Industry (CBI), dismissed Mervyn King's blaming of the Northern Rock crisis on regulatory complexity as unsatisfactory.

Speaking in Newcastle, Northern Rock's home town, on Wednesday night, Lambert said: "It's not enough to say, as the governor did last week [to the Treasury Committee], that the main difficulties in fixing the problem had been created by the complexity of today's company

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