2. AGENDA
Mervyn King
Life Journey
1.
Education
Professional Journey phase I
Journey as Governor
Professional Journey Phase II
Honours And Arms
Honourary Member
2. Journey of Bank of England
3. Recession 2008 & Effects
4. Land mark Decisions
5. Effects of Recession and Comeback
6. Key Learnings
3. BIRTH-1948
At Chesham
Buckinghamshire,
England
EDUCATION-
(1953-1969)
Warstones Junior School Wolverhampton
Wolverhampton Grammar School
King's College
Cambridge (MA-First class in Economics )
in1969
St John's school
Harvard ( As a Kennedy Scholar)
PROFESSIONAL JOURNEY
PHASE- I (1969-1989)
Researcher on Cambridge Growth Project
Professor at University of Birmingham
Visiting Professor at Harvard & MIT
1984- Professor of Economics at London
School of Economics.
Founded Financial Markets Group
BANK OF ENGLAND
(1990-2013)
1990- Non Executive Director
March 1991- Joined as Chief
Economist & Executive Director
1997- Deputy Governor
1998- Group of thirty (G30)
1 July 2003- Governor succeeding Sir
Edward George
PROFESSIONAL JOURNEY
PHASE- II
2014- Resumed teaching at New York
University
Chairman of the U.S. Federal Reserve
system
President of cricket foundation – Chance
to shine programme
President of Worcestershire country
Cricket Club -2015
MERVYN KING
Life Journey
4. Honours & Arms 2011- Appointed as Knight Grand Cross of the order of British
Empire(GBE)
2013- House of Lords as crossbencher- Titled Baron king of Lothbury
2014- Knight Oder of the Garter by Queen
2016- Deputy Lieutenant of kent
Fellow of British Academy
1.
2.
3.
4.
5.
Honorary Member
St John's College
Cambridge
Birmingham
city of London
Edinburgh
London Guildhall
London School of Economics
Wolverhampton University
Worcester
Helsinki University
Ameriacn Academy of Arts and Sciences
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
Books 1977-Public Policy and the Corporation
1979- The British Tax Systems
1982- The Taxation of Income from Capital
2016- The end of Alchemy: Money banking & future of global economy
2020- Radical Uncertainty: Decision Making for an unknowable future
1.
2.
3.
4.
5.
5. 2012
Financial service Bill
2012
2 3 4 5 6
2
1
2009
Banking Act 2009
2008
Emergency Economic
Stabilisation Act 2008
2009
The United Kingdoms
SecuredCommercial
paper facility 2009
2012
White paper on
Financial Regulatory
Reform
2013
The Prudential
Regulation Authority
2013
BANK OF ENGLAND
Journey during Tenure of Mervyn King
6. BANK OF ENGLAND
Journey during Tenure of Mervyn King
Bank Interest Rate History
Quantity Easing
7. Recession 2008
Trade
Migration
Aid
Climate Change
Financial Markets
1.
2.
3.
4.
5.
World in Recession
Productivity
Shedding Workers
Profitability
Returning to Growth
Innovation
Small Business
Competition Policy
Charitable Giving
1.
2.
3.
4.
5.
6.
7.
8.
Impact on Business
Incomes
Living Standards
Reduced benefits
Unemployment & Divorce
Falling House prices
Unemployment & Health
Job Loss and Happiness
Housing & Health
Social attitudes on
Housing
Social Attitude on
Finances
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
Impact on peoples lives
Contraction In GDP
Extent of Downturn
Uncertainty and
Investment
House Prices
The impact on spending
Public spending cuts
1.
2.
3.
4.
5.
6.
Britain in Recession
8. 2008 2008 2008 2009 JULY-2009 2011
New banking legislation transferred
the responsibility for regulation and
supervision of the banking and
insurance industries to Bank.
Bank of England
Reduced rate from 5%
to 0.5% .
MERVYN KING-GOVERNOR OF BANK OF
ENGLAND
Landmark Decisions
Asset Purchase Facility(APF) Financial Policy Committee (FPC)
HM Treasury
Quantitative easing (QA)
9. CRISIS AND COMEBACK
It returned to its pre-
downturn rate at the end
of 2015, and since then it
has continued to fall.
UNEMPLOYMENT
July to September
2013: UK economy gets
back to pre-downturn
size
GDP shrunk by 6% between 2008 and 2009,
the UK economy took five years to get back to
the size it was before the recession.
% EARNINGS
Productivity had been
rising steadily before the
recession, but it slumped in
2008. Had the pre-2008
trend continued,
productivity would have
been 20% higher than it
actually was at the end of
2017.
OUTPUT PER HOUR
GVA
GDP
10. Ask- 'What is going on here?'
Initial symptoms might be misleading. Try finding Root
causes before forming predictions and decide future paths.
Strengthened and come back stronger after Setback.
Taking Tough Calls.
World is full of radical uncertainty. Financial Systems must be
made stronger.
Every Generation and Era might come up with new risks, we
need to buld resilience and robust systems.
1.
2.
3.
4.
5.
6.
LEARNINGS
Mervyn King
Strengthened and come back stronger after Setback.
Taking Tough Calls.
1.
2.
