King defends record in first live interview


Mervyn King, governor of the Bank of England, has defended his record at the helm of the central bank despite its many missed inflation targets and a long period of low or negative growth in the UK during his tenure.

Speaking in his first-ever live extended television interview on the UK's Channel 4 News, King explained the reason the Bank of England had allowed a long period of inflation well above its 2% target and upper tolerance level of 3% because the alternative was a sharp and painful

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