Mervyn King, Baron King of Lothbury banks", pinpointing the banks' sense of grievance on their finding it "very, very difficult to face up to the failure of their banking model". With King's term as governor ending in 2013, top UK banks have warned that unless a less "hostile" figure is found as a successor, they may feel it necessary to move abroad. On 26 November 2012, Mark Carney was named as King's successor. King had faced accusations of refusing funding to the Northern Rock Bank, precipitating a run on that bank, a situation not seen in the UK since 1914. King later said that it had
Mervyn King, Baron King of Lothbury Another result of the financial crisis was King's rejection of the bank's devout focus on price stability, or inflation targeting, a policy that was instituted after Black Wednesday in 1992 and that was continued by King after becoming governor in 2003. One of the two early lessons King drew from crisis were that "price stability does not guarantee stability of the economy as a whole" and that "the instruments used to pursue financial stability are in need of sharpening and refining." The 2012 Financial Services Bill, in transferring the majority of macroprudential regulatory powers from the FSA to the bank,