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Bank of England shares responsibility for crisis, former governor says
Britons must brace themselves for a "very unpleasant period", with "considerable" interest rate hikes now needed to prevent a re-run of the 1970s, former Bank of England governor Mervyn King has warned. Lord King launched a coruscating attack on central banks including the Bank of England itself, saying they shared responsibility for the cost of living crisis having fuelled a rise in inflation by printing hundreds of billions of pounds and dollars during the pandemic. He said they would have to raise interest rates immediately. Blaming a "failure of the economics profession", he said that central banks would have ... (full story)