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
Mervyn King, Baron King of Lothbury has served as a professor of economics and law with a joint appointment at New York University's Stern School of Business and School of Law. Mervyn King is a son of Eric King, a railway porter who retrained as a geography teacher after the war, and Kathleen (née Passingham). He was born in Chesham Bois, Buckinghamshire, and studied at Warstones Junior School Wolverhampton and then on to Wolverhampton Grammar School, King's College, Cambridge (gaining a first-class degree in economics in 1969; MA), St John's College, Cambridge, and Harvard (as a Kennedy Scholar). Whilst at Cambridge, King was treasurer of the