Trade Union Chief Appointed to Bank of England Board Amid Calls for Higher Taxes

The Chancellor has appointed three new members to the Bank of England's board, including the boss of a leading trade union who has called for higher taxes on banks' profits. Paul Nowak, general secretary of the Trades Union Congress (TUC), will join David Craig and Hanneke Smits as non-executive directors with four-year terms.

Nowak has been a vocal critic of the banking sector, arguing that increased taxation could help bolster cost-of-living support for households. In recent months, he has led the TUC's calls to the Chancellor to increase taxes on bank profits. 'Higher interest rates have meant mortgage misery and bigger bills for the rest of us, but the big banks are raking it in,' Nowak said.

The appointments come as the Bank of England continues to navigate a complex economic landscape. The Court of the Bank of England, which oversees the central bank's strategy, governance, budget, and risk framework, is separate from the team that sets interest rates.