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
Bank of England Act 1696 Bank of England Act 1696 The Bank of England Act 1696 (8 & 9 Will 3 c 20) was an Act of the Parliament of England. It was one of the Bank of England Acts 1694 to 1892. Provisoes or conditions contained in this Act, and in the Bank of England Act 1694 (5 W & M c 20), for determining a fund of £100,000 per annum, and the corporation of the governor and company of the Bank of England, upon the respective notices and payments in both Acts mentioned, were repealed and made void by section 8 of the