The entire Labour apparatus is straining to blame Mervyn King for the Northern Rock debacle. He will without doubt be mauled at the Treasury Select Committee today.

The BBC’s Robert Peston is leading the media charge against Mervyn King. In reality it is of course the Northern Rock board, in particular Derek Wanless, who should be resigning. Alastair Darling’s own fumbling performance and if house prices tumble, the taxpayer guarantee’s open ended recklessness will be a catastrophic matter for resignation. Another resignation candidate is Andy Burnham, Chief Secretary to the Treasury, he simply hasn’t got a clue. When he was asked in an interview should the government “guarantee 100% of all bank deposits”, he replied that it would be “the wrong thing” for politicians to get involved “in that way”. Within that very hour Darling did exactly that. The only reason Mervyn King should resign is in disgust at Brown and Darling politicising the Bank of England.