Letters reveal 'low point' for Sir Eddie

Letters released this week by the UK Treasury showed that Gordon Brown's decision to remove responsibility for banking supervision from the Bank of England almost prompted Sir Edward George, the Bank's governor to resign.

In papers released under the Freedom of Information Act Gordon Brown wrote: "It was the government's intention to consider transferring part of the Bank of England's responsibility for banking supervision to another statutory body. I am pleased that you agreed that consultati

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