What is the point of Mervyn King?

The Governor of the Bank of England, the overpaid and underperforming Mervyn King, has just made his latest wise pronouncement�stating that in a couple of years�it’s “about as likely that inflation will be above the target as below it”. I could have told you that, without King’s huge salary and enormous taxpayer-funded pension. This buffoon failed to spot the largest financial crisis for a century, failed to understand what was happening, failed to take any effective action, failed to perform his key role of keeping inflation at around 2% and now is completely clueless about pretty much everything.

So he’s perfectly qualified to hold a leading government job just like so many of the other fools who got Britain into its current mess and who will all retire with multi-millionaire pensions that we will have to pay for.