BoE chief Mervyn King holds the line against rate hikes, calling any such move "self-defeating."...

|By:, SA News Editor

BoE chief Mervyn King holds the line against rate hikes, calling any such move "self-defeating." He also lauds sterling's fall during the GFC, calling it crucial to a rebalancing of the U.K. economy. The pound fell from $2.10 to as low at $1.20, standing at $1.627 today.