Bank chief goes back to his Pennine roots

THE West Yorkshire moorlands have inspired some of the greatest poetry in history, and yesterday they worked their magic on a man who has spent the last five years battling the biggest financial crisis in living memory.
By The Newsroom
Published 21st May 2013, 10:31 BST
Mervyn King signing autographs for pupils at his old school, Old Town Primary School, Wadsworth, above Hebden BridgeMervyn King signing autographs for pupils at his old school, Old Town Primary School, Wadsworth, above Hebden Bridge
Mervyn King signing autographs for pupils at his old school, Old Town Primary School, Wadsworth, above Hebden Bridge

Bank of England Governor Sir Mervyn King relived his childhood when he returned to Hebden Bridge, the place where he first acquired a love of numbers.

As a pupil at Old Town Primary School, Sir Mervyn loved to explore the surrounding moors. The grounding he received in maths at the local school helped him rise to the top in the banking world.

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Hebden Bridge has never been far from his mind in the years since. In 2008, when the economic storm was at its fiercest, he told the Yorkshire Post that, when the economy started to recover, he looked forward to going on holiday to the Pennine town. During his visit yesterday, Sir Mervyn also chatted to local businesses about the challenges and opportunities they faced.

Sir Mervyn, who is about to step down as governor, said:“Although this is my last visit to Yorkshire as governor, I am already looking forward to returning as soon as I can in my free time. I have met with a range of business leaders from across Yorkshire, and as always was encouraged by their energy, drive and their determination to ensure the success of their businesses and the region.

“On a previous visit, I looked forward to returning to Hebden Bridge after the crisis was over and the economy was starting to recover. And, although there remains a long way to go, I see signs of improvement.

“That is a view reinforced by those I have met in Yorkshire today. And I will be able to return to the moors when I have retired.”

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Sir Mervyn recently called for an end to bankers being “demonised” for their role in the financial crash, insisting the problem was due to the system rather than individuals.

The outgoing governor said there was a failure to adequately regulate the financial sector and society had given “too much status” to those in the City.

Sir Mervyn also warned that Chancellor George Osborne’s plan to boost the housing market must not become a permanent scheme because it was “too close for comfort” to a general state guarantee for mortgages.

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Related topics:Hebden BridgeWest YorkshireBank of England