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King: No Bank remit change

The Bank of England's remit should not change to include anything other than the 2% target of inflation, the outgoing Governor Sir Mervyn King has told ITV News.

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  1. Richard Edgar

King spoke to PM and Chancellor about UK strategy

We're only a week away from the Budget and traditionally the Governor doesn't ever comment on Government policy but he revealed that had spoken in the past few days to the Chancellor and Prime Minister.

I asked if he had once again raised supply side measures, things that the Government can do to make the economy more competitive.

I've have had conversations with the Chancellor and Prime Minister about the strategy and we talked privately about various things that can be done. It is not my job, and it would be quite wrong of me to speak in public about things that is their responsibility.

But I am confident that there are things the UK could do and I'm very confident the Government understands that.

I think that ratchets up the pressure on the Chancellor a little bit.

Back here in the West Midlands, the main message is that business is tough but there is growth and it's abroad.

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