Bank of England Taps Union Chief for Top Job Amid Criticism

The Bank of England has appointed Paul Nowak, the chief of the Trades Union Congress (TUC), as one of its non-executive directors. This move comes just days after Nowak called for a tax raid on banks at the annual union conference.

As part of his new role, Nowak will earn £20,000 per year but has pledged to donate the entire amount to charity. The money will go to the Bank Workers Charity and Everton in the Community.

The appointment was hailed by Chancellor John Healey as adding 'deep and varied experience' to the Bank of England's Court at a critical time for the UK economy.