Chancellor Appoints Trade Union Leader to Bank of England Board

Chancellor John Healey has appointed three new non-executive directors to the Bank of England's Court of Directors. The appointments include Paul Nowak, General Secretary of the Trades Union Congress (TUC), alongside David Craig and Hanneke Smits.

The terms for Craig and Nowak begin on September 17 and October 22, respectively, while Smits will start her term on January 1, 2027. They will serve four-year terms ending August 31, 2030.

Nowak has been vocal in advocating for increased taxes on banks to support cost-of-living relief, stating, 'Higher interest rates have meant mortgage misery and bigger bills for the rest of us, but the big banks are raking it in. Taxing bank profits to cut bills is plain common sense.'

Chancellor Healey said the appointments strengthen the Court at a critical moment for the UK economy, providing deep and varied experience to support the Bank's core missions.