Bank of England Rational Expectations Hypothesis as promulgated by Walters The handing over of monetary policy to the Bank had been a key plank of the Liberal Democrats' economic policy since the 1992 general election. Conservative MP Nicholas Budgen had also proposed this as a private member's bill in 1996, but the bill failed as it had the support of neither the government nor the opposition. Mark Carney assumed the post of Governor of the Bank of England on 1 July 2013. He succeeded Mervyn King, who took over on 30 June 2003. Carney, a Canadian, will serve an initial five-year term rather
Edward George, Baron George coming to power the Bank was given independence in setting UK interest rates by Gordon Brown, the incoming Chancellor of the Exchequer. He was succeeded as Governor of the Bank of England in July 2003 by Mervyn King. George attracted controversy in 1998 when he was widely reported to have made a statement to London newspaper executives implying that unemployment in the north of England was a price worth paying to preserve affluence in the south of the country. He later claimed that his remarks had been misconstrued. George served as a Governor of his former school, Dulwich College, between