Friends of Gieve defend departing deputy

Friends of Sir John Gieve, the deputy governor responsible for financial stability at the Bank of England who announced his decision to step down last week, have rebutted claims that he was culpable for the run on Northern Rock.

The Treasury Select Committee, an influential group of UK parliamentarians, criticised Sir John for his handling of the Northern Rock affair. But the Observer, a British newspaper, reported on Sunday claims attributed to friends of Sir John that counter the view that