The 'independence' of the Bank of England was an interesting experiment while it lasted. But what role is there now for Mervyn King, since The Right Honourable Gordon Brown, the Prime Minister-cum-Chancellor of the Exchequer, has in effect added the Governorship of the Bank of England and the chief executorship of British banking to his growing portfolio of jobs?
How long before Mr King does the honourable thing by handing in his resignation in protest at being overruled in his battle to achieve 2% inflation, a target imposed by the Right Honourable Gordon Brown? If he does resign, he will surely gain some grudging respect for at least being true to a point of principle. But when did honour and principle last have anything to do with banking or politics or any other part of public life in Britain?