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
Bank of England Act 1696 Bank of England Act 1696 The Bank of England Act 1696 (8 & 9 Will 3 c 20) was an Act of the Parliament of England. It was one of the Bank of England Acts 1694 to 1892. Provisoes or conditions contained in this Act, and in the Bank of England Act 1694 (5 W & M c 20), for determining a fund of £100,000 per annum, and the corporation of the governor and company of the Bank of England, upon the respective notices and payments in both Acts mentioned, were repealed and made void by section 8 of the