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
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