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 to agreeing to the severity of the cuts. In November 2010, it was revealed that some senior staff at the Bank of England (one of them was David Blanchflower) were uncomfortable with King's endorsement of the government's public spending cuts, accusing him of overstepping the boundary between monetary and fiscal policy. King's support for the government's cuts was in spite of concerns within the bank that cutting spending so rapidly could derail the UK's nascent economic-recovery. These revelations led to accusations of King being a "coalition courtier" and of making "excessively political" interventions with regard to UK economic policy. The