New Bank team take their bow

Appearing for the first time before the UK Treasury Select Committee in his new capacity as governor of the Bank of England, Mervyn King disarmingly admitted to having "no idea" whether the current level of 3.5% of interests was the correct level. This remark came just five days after the Bank of England's Monetary Policy Committee made the decision to lower interest rates by a quarter point.

What did he mean? Although King clarified his statement by adding that he believes it to be imposs