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
Bank of England resort for the first time in the panic of 1866. The last private bank in England to issue its own notes was Thomas Fox's Fox, Fowler and Company bank in Wellington, which rapidly expanded, until it merged with Lloyds Bank in 1927. They were legal tender until 1964. There are nine notes left in circulation; one is housed at Tone Dale House Wellington. Britain remained on the gold standard until 1931, when the gold and foreign exchange reserves were transferred to the Treasury; however, they continued to be managed by the Bank. During the governorship of Montagu Norman, from 1920