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U.S. Federal Reserve chief blames Brown for Britain's economic woes

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Gordon Brown's decision to strip the Bank of England of its supervisory role caused 'major problems' for the British economy, the head of the American Federal Reserve said yesterday. Ben Bernanke - regarded by many as the world's most powerful banker - claimed the UK was ill-prepared to deal with the crisis in the wake of decisions made by Mr Brown when he was chancellor.

 

In an extraordinary attack, Mr Bernanke said the Prime Minister's measures - which included stripping the BoE of its powers to regulate banks - had been responsible for the ' destructive run' on Northern Rock. His comments will embarrass Mr Brown, who has refused to concede his decisions may have contributed to the economic crisis. Mr Bernanke told the U.S. Senate: 'The government of Britain removed from the Bank of England most of its supervisory authorities.

 

'When the crisis hit - when Northern Rock came under stress - the Bank was completely in the dark and unable to deal effectively with what turned out to be a destructive run and a major problem for the British economy.' The Treasury hit back last night, saying: 'The Bank had the power and used it effectively to provide emergency support to Northern Rock. It did deal with the situation effectively.'

 

Read more:

 

http://www.dailymail.co.uk/news/article-1233376/U-S-Federal-Reserve-chief-blames-Brown-Britains-economic-woes.html#ixzz0Ytq2hJSt


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