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
Bank of England Act 1696 Bank of England Act 1708 (7 Ann c 30) (which is section 5 of chapter 7 in Ruffhead's Edition). Sections 1 to 25, 29, 38 to 44, 50, 51, 53 to 61, 63 to 68, 70 and 71 were repealed by section 1 of, and the Schedule to, the Statute Law Revision Act 1867. The whole Act was repealed by section 1(1) of, and Part IV of Schedule 1 to, the Statute Law (Repeals) Act 1973. So much of this Act as related to forging or counterfeiting the Common Seal of the Governor and Company of the Bank of England,