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PPI: Financial sector to blame for recession, says Mervyn King

The governor of the Bank of England has admitted that the financial sector was to blame for the financial crisis.

In an address to the TUC workers union yesterday (15th September), Mervyn King claimed the lavish bonuses and risk taking nature prevalent in the industry contributed to the recession.

He said: "Before the crisis, steady growth with low inflation and high employment was in our grasp.

"We let it slip - we, that is, in the financial sector and as policymakers - not your members nor the many businesses and organisations around the country which employ them."

Mr King claimed he felt "enormous sympathy" with workers who had been affected by the actions of bankers and claimed he understood the public outcry against excessive bonus packages.

"When large bonuses are paid to people in organisations that only two years earlier were bailed out by the taxpayer it becomes somewhat harder to understand," he added.

Posted by Jennifer Haines

Jennifer's speciality knowledge is credit card changes and balance transfers ADNFCR-2776-ID-800068501-ADNFCR

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