Mervyn King's appearance at the Treasury Select Committee yesterday has been widely reported in today's press. His main message was that spending must be kept under control.
What hasn't been so widely reported is that after the hearing at the House of Commons, Mr King visited Buckingham Palace, at the Queen's invitation, for a private audience. It was the first such audience with a Bank of England Governor in her 57 year reign.
The Queen must be very concerned about the state of the UK to send for Mr King. Ted Foam has his view of the future and he may not be too far off the mark.
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