Bank Of England Accused Of Incompetence In Run Up To Crash – 7 January 2015

RT logoPreviously secret documents reveal how the Bank of England (BoE) was ill-prepared for the 2008 financial crisis, partly because its governing body was made up of “cheerleaders” for the governor’s policies.

Documents published by the Bank on Wednesday provide a unique insight into the top-secret meetings of its board of directors, the Court, at the height of the financial crisis.

The minutes show that Mervyn King, the Bank’s former Chairman, spoke of his confidence in the institution’s work just one day before the failed UK bank Northern Rock applied for a rescue loan.

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