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 which took five months from the beginning of October 2008 to get down from 5.0% to 0.5%, where they remained for several years. King abandoned his institution's remit on keeping inflation around 2%. After becoming only the second Bank of England governor to speak to the TUC in its 142-year history, King conceded that people were "entitled to be angry" about unemployment and the bank bailout. King has been scathing about the banking sector since it crashed, especially its "breathtaking" £1 trillion bailout and its continuation of bonus awards in 2009, calling for a serious review of banking's structure and