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 setting the organisation's strategy and budget and taking key decisions on resourcing and appointments. It consists of five executive members from the Bank plus up to 9 non-executive members, all of whom are appointed by the Crown. The Chancellor selects the Chairman of the Court from among one of the non-executive members. The Court is required to meet at least 7 times a year. The Governor serves for a period of eight years, the Deputy Governors for five years, and the non-executive members for up to four years. Since 2013, the Bank has had a chief operating officer (COO). ,