Sir Mervyn King is giving evidence to the Commons Treasury committee for the last time as governor of the Bank of England.
During his valedictory appearance he hinted that Jane Austen will appear on future £10 notes, he also welcomed the responsibility for bank supervision being returned to the Bank of England.
He is no fan of austerity for countries with no other means of promoting growth, and noted that it had been a disaster for those countries; in the meantime QE in the UK, in his opinion, will continue to run for the foreseeable future as will the current low levels of interest rates.
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