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
Mervyn King, Baron King of Lothbury speech in June 2009, King criticised Chancellor Alistair Darling for resisting significant changes to the allocation of regulatory responsibilities between the FSA, the Treasury and the bank, which would have given the bank greater power to fulfil its role of ensuring economic stability. In January 2012, King received a letter from the government's former chief scientific adviser Sir David King, Zac Goldsmith, former environment minister John Gummer (and 17 others) warning of the possibility of a carbon bubble. King agreed to an evaluation of the matter. The BoE's Financial Policy Committee, established to identify emerging bubbles in the financial system,