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The soon-to-be-former Bank of England governor’s got a lot of problems with your people. And now, you’re gonna hear about it. Again.
Bank of England Governor Mervyn King will return to the scene of some of his most acidic public encounters today for the annual occasion that helped define his relationship with Britain’s banking industry.
King will speak for the 10th time at the Mansion House, less than 400 feet from the BOE’s doors in the City of London, as the capital’s financial district is known. His appearance at the event for bankers alongside Chancellor of the Exchequer George Osborne occurs just days before he cedes his role to former Bank of Canada Governor Mark Carney….
“I wouldn’t be surprised if he has a few choice words to say about the City, remuneration and risk taking,” said Keith Wade, chief economist at Schroders Plc, which has $359 billion under management. “Carney has been a banker at Goldman so he’ll probably be different. He’ll probably be more sympathetic to the banking system and recognize the pressures that exist there….”
Today’s event is the last before a regime change at the BOE, and follows an acrimonious year in London’s finance industry. After the 2012 speech, King forced Diamond to quit Barclays, while on a radio interview this month, he said Britons have “every right to be angry” with banks.