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Leaked US memo reveals Mervyn King concerns about Tory leaders

KING

Bank of England governor Mervyn King told the US ambassador that David Cameron and George Osborne were out of their depth at the helm of the UK economy, according to reports this morning of a leaked diplomatic cable.

King criticised the Prime Minister and Chancellor in messages to US ambassador Louis Susman, according to the reports in the Guardian based on a February cable between Susman and US secretary of state Hillary Clinton.

He said they lacked experience, lacked depth in their inner circle and focused only on the electoral impact of issues.

King also revealed he had held private meetings with the Tory leaders to urge them to create a deficit reduction plan in the run up to the election.

The governor also predicted the UK would suffer a “long drawn out” economic recovery because it had not been through an economic restructuring, they say.

Susman reportedly said in the memo: “King expressed great concern about Conservative leaders’ lack of experience… both have a tendency to think about issues only in terms of politics and how they might affect electability.”

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