UK ‘faces more financial shocks’

The governor of the Bank of England, Mervyn King, has warned that the US sub-prime mortgages crisis poses more risks for the UK’s financial system.

He also revealed that it was Chancellor Alistair Darling who decided not to support a Northern Rock takeover bid.

Mr King told the BBC he had advised the chancellor that governments should not provide financial help to one company so that it could take over another.

BBC NEWS | Business | UK ‘faces more financial shocks’

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