Liam Halligan writes perceptive article about King re-appointment.

In yesterday's Sunday Telegraph, former Channel Four economist Liam Halligan has written a perceptive article about the belated re-appointment of Mervyn King as governor of the Bank of England. Halligan describes King as one of the few world-class economists in the United Kingdom and attacks the dithering of British Prime Minister Gordon Brown. The colummist considers Brown Nero-like and cites unnamed sources in Whitehall, who believe the Prime Minister finds decision-making extremely
difficult while others claim that Brown just likes playing cruel
games.

The Prime Minister's long-term adviser, Schools Minister Ed Balls, has said recently
that interest rates were low and were coming down. This reflects a government battle for lower and sooner rates.

I have always had the sensation that UK interest rates have always been too slow to come down and too quick to go up. Compared with the hare of the U.S Federal Reserve, the Bank of England is a bit of a tortoise.