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 £5 note the lack of serial numbers is not a problem. "If members of the public are concerned, then they should take the notes back to the bank where they will be exchanged." In April 2013 Sir Mervyn King announced on behalf of the bank that Elizabeth Fry would be replaced by Winston Churchill on the next £5 note which would enter circulation in 2016. It was also announced that the images featured on the reverse would include a 1941 portrait of Churchill by Yusuf Karsh, a view of the Houses of Parliament, a quote by Churchill ("I have nothing to offer