On reading Mervyn King's candid analysis of the state of the British economy it struck me how refreshing it was to hear the countrys most powerful banker just tell it straight, no matter how bad the news. Although he is probably just preparing the public for a very bad year, from what I usually observe central bankers don't usually shoot this straight down the line. He predicts doom, and even apologises to the prudent savers- http://www.bankofengland.co.uk/publications/speeches/2011/speech471.pdf I hope he can pull his chestnuts out of the fire and can set Britain back on course. Britain is definitely in a lot of trouble, they are in just as bad a position regarding debt as the US or the Euro, but the pound no longer has reserve currency status that can be exploited.
