Mervyn King, Baron King of Lothbury banks", pinpointing the banks' sense of grievance on their finding it "very, very difficult to face up to the failure of their banking model". With King's term as governor ending in 2013, top UK banks have warned that unless a less "hostile" figure is found as a successor, they may feel it necessary to move abroad. On 26 November 2012, Mark Carney was named as King's successor. King had faced accusations of refusing funding to the Northern Rock Bank, precipitating a run on that bank, a situation not seen in the UK since 1914. King later said that it had
Mervyn King, Baron King of Lothbury 1981 Budget. King joined the bank in March 1991 as chief economist and executive director, after being a non-executive director from 1990 to 1991. He was appointed Deputy Governor in 1997, taking up his post on 1 June 1998. In the same year, King became a member of the Group of Thirty. An ex-officio member of the bank's interest-rate setting Monetary Policy Committee since its inception in 1997, King took part in its monthly meetings. He succeeded Sir Edward George as governor on 1 July 2003, and was also the first incumbent governor of the Bank of England to be