Lend or Youll Risk State Control, Banks Are Told ; Budget Report

Evening Standard - London › November 25, 2008

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Summary

BRITAINS banks risk wholesale nationalisation if they continue to squeeze lending to businesses, the Bank of Englands Governor declared today.

Mervyn King hit out as he warned the country was facing a long and hard path back to balance the public finances, in the wake of Chancellor Alistair Darlings borrowing splurge.

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Lend or Youll Risk State Control, Banks Are Told ; Budget Report

King also predicted that cuts to VAT would lead to temporary deflation in Britain for the first time in generations. But in ...

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