BoE's King on fiscal discipline

In a speech given on 20 January Mervyn King of the Bank of England called on UK chancellor Gordon Brown to maintain "prudent" government borrowing over the medium term. He also said it would be "foolish" to place too much weight on UK retail sales figures due out Friday 21 January.

``Whatever the number turns out to be, it is foolish to put much weight on any one month's figure, especially at Christmas,'' said King in the text of the speech to the Confederation of British Industry in Manchester.

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