King throws weight behind new government's cuts

mervyn-king

The new UK government's pledge to make £6 billion ($8.9 billion) of cuts in its first year has reduced some of the downside risks to near term economic growth, Mervyn King, the governor of the Bank of England, said on Wednesday.

Speaking at the release of the Bank's May Inflation Report, King endorsed the Conservative- Liberal Democrat coalition government's commitment to make immediate cuts. "It was the right thing to do on putting in place a new government, for that government to demonstrate t

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