Mervyn King, Baron King of Lothbury in 1990 as a non-executive director, and became the chief economist in 1991. In 1998, he became a deputy governor of the bank and a member of the Group of Thirty. King was appointed as Governor of the Bank of England in 2003, succeeding Edward George. Most notably, he oversaw the bank during the financial crisis of 2007–2008 and the Great Recession. King retired from his office as governor in June 2013, and was succeeded by Mark Carney. He was appointed a life peer and entered the House of Lords as a crossbencher in July 2013. Since September 2014 he
Bank of England on each note was: Treasury notes were issued until 1928, when the Currency and Bank Notes Act 1928 returned note-issuing powers to the banks. The Bank of England issued notes for ten shillings and one pound for the first time on 22 November 1928. During the Second World War the German Operation Bernhard attempted to counterfeit denominations between £5 and £50, producing 500,000 notes each month in 1943. The original plan was to parachute the money into the UK in an attempt to destabilise the British economy, but it was found more useful to use the notes to pay German