In late 1788, the installation of the Prince of Wales as Regent almost saw Parr become the Bishop of Gloucester. William Pitt the Younger had been in power on the authority of George II, but, as the King's health worsened, parliament came close (by a matter of weeks) to instating the Prince of Wales as regent. "Prinny", as he was known, was a supporter of Charles James Fox, who was in turn a friend of Parr's; it was likely, therefore, that if the prince had come into power as regent, he would have chosen Fox to be the Prime Minister; Fox in turn who would have nominated Parr as Bishop of Gloucester. Unfortunately for Parr, the King's health improved, and the Regency Bill never passed. The Whigs did grant him a £300 annuity, however, which he needed at times during his retirement.