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
Timeline of the Great Recession 0.03% and the third quarter figures fall by a further 0.9%. The Bank of Japan doubles its inflation target to 2% and announces open-ended asset purchases for 2014 in the hope of ending deflation. Initial GDP figures for the fourth quarter of 2012 show the UK economy shrank by 0.3% raising fears of a triple dip recession. Sir Mervyn King, Governor of the Bank of England, says he believes "a recovery is in sight". However, he also expects inflation to rise to at least 3% by the summer of 2013 and to remain above the Bank's 2% target for two