Nigel Stanley

William Keegan has an intelligent commentary on Mervyn King’s speech to the TUC last week in today’s Observer. Stephanie Flanders is worth reading too.

What I took from a subtle performance by the Governor was:

• He did not blame the previous government’s spending for the crash – which is a rather different story than we usually hear from ministers.
• He accepted that the government’s timetable for deficit reduction was a political choice, not a fiscal necessity.
• He accepted that the balance between tax and spending cuts is again a political choice.

Choosing to say these things to the TUC also has a certain symbolism.

The 11 delegates who walked out, and many journalists wondered why we invited the Governor to Congress.

They seem reasons enough to me.