Bank of England Governor Mervyn King is deeply unpopular in some circles and a report today underscores why he will retire as one of the worst central bankers ever and why his right-hand-man Paul Tucker was passed over in favor of Mark Carney.
Bloomberg reports that King “faced a revolt” earlier this year after designing the Funding for Lending Scheme without informing four members of the MPC — Ben Broadbent, David Miles, Adam Posen and Martin Weale.
The four external members found out about the plan a week before it was announced and wrote a letter to King saying the secrecy undermined the MPC’s control of monetary policy.
