Embattled King blames legislation for reticence

Mervyn King, the governor of the Bank of England, says the central bank is "hemmed in" by legislation, which "made it almost impossible for us to act as a lender of last resort in the way that I would prefer."

King's remarks came during a grilling by the British parliament's Treasury Select Committee over the central bank's conduct during the current market turmoil. The governor is under fire for back-tracking on his original position of non-intervention, reinforced only last week.

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