Mervyn isn't happy with Alistair because Alistair's housekeeping doesn't quite add up. Adair isn't happy with Mervyn because Mervyn wants to play with Adair's regulatory toys. Alistair doesn't trust Mervyn because he suspects Mervyn is sneaking off to tell George all of Alistair's secrets. Mervyn is irritated because Alistair refuses to show Mervyn his new White Paper. But George is full of cheer because he thinks Mervyn is his new best friend. That, I think, is the human aspect of the rumpus that's unfolded over the past few days. Personalities aside, the row reveals obvious tensions in the UK's monetary, fiscal and regulatory framework.
Copyright Speakers Corner 2016