Umberto II of Italy in preparation on the abolition of the monarchy in 1946, Victor Emmanuel abdicated his throne in favour of Umberto in the hope his exit might bolster the monarchy. However, the referendum passed, Italy was declared a republic, and Umberto lived out the rest of his life in exile in Cascais, on the Portuguese Riviera. Umberto was born at the Castle of Racconigi in Piedmont. He was the third child, and the only son, of King Victor Emmanuel III of Italy and his wife, Elena of Montenegro. As such, he became heir apparent upon his birth, since the Italian throne was
Mervyn King, Baron King of Lothbury in their final report. According to George Osborne, Gus O'Donnell made an offer to have King brief the Tories and Lib Dems during the Coalition's formative talks; however, the parties suspected they "knew what he was going to say and . . . also thought it was more appropriate for our Treasury spokesmen to talk to him". King was criticised again in May 2012 on BBC Radio 4's Today programme, on the day before an election, after he expressed approval of Coalition austerity measures. In a speech to the European Parliament in Brussels in May 2011, King commented that the