King steps up bid for more Bank power

Mervyn King, the governor of the Bank of England, on Wednesday night reiterated calls for the government to grant Threadneedle Street more power to fulfil its new financial stability mandate.

"We need instruments to prevent the size, leverage, fragility and risk of the financial systems from becoming too great," King said in his annual Mansion House address to the City's top financiers.

King likened the Bank's position to that of a church "whose congregation attend weddings and burials but ign