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 Mervyn King, Baron King of Lothbury Mervyn Allister King, Baron King of Lothbury, (born 30 March 1948) is a British economist and public servant who served as the Governor of the Bank of England from 2003 to 2013. Born in Chesham Bois, Buckinghamshire, King attended Wolverhampton Grammar School and studied economics at King's College, Cambridge, St John's College, Cambridge, and Harvard University. He then worked as a researcher on the Cambridge Growth Project, taught at the University of Birmingham, Harvard and MIT, and became a Professor of Economics at the London School of Economics. He joined the Bank of England