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 to agreeing to the severity of the cuts. In November 2010, it was revealed that some senior staff at the Bank of England (one of them was David Blanchflower) were uncomfortable with King's endorsement of the government's public spending cuts, accusing him of overstepping the boundary between monetary and fiscal policy. King's support for the government's cuts was in spite of concerns within the bank that cutting spending so rapidly could derail the UK's nascent economic-recovery. These revelations led to accusations of King being a "coalition courtier" and of making "excessively political" interventions with regard to UK economic policy. The