Bank of England Board Gains Three New Non-Executive Directors

The Bank of England's board has gained three new non-executive directors, including the general secretary of the Trades Union Congress (TUC), Paul Nowak. The appointments were made by Chancellor John Healey and will see Mr. Nowak, Refinitiv founder David Craig, and top City investment manager Hanneke Smits serve on the board for four years.

Mr. Nowak, a former call centre worker, has been a trade unionist throughout his career and was appointed TUC general secretary in 2022. He will be taking over from Baroness Frances O'Grady, who is leaving her role as non-executive director on the Bank's board.

Mr. Nowak has recently called for higher taxes on banks' profits to help bolster cost-of-living support for households. The TUC believes that taxing bank profits could raise money to cut bills for households, with Mr. Nowak stating that 'taxing bank profits to cut bills is plain common sense'.

Chancellor Healey said the appointments strengthen the Bank of England's board at a critical moment for the UK economy, providing 'deep and varied experience' to support the Bank in delivering its core missions.