TUC Chief Appointed to Bank of England Board Amid City Concerns

Chancellor John Healey has appointed Paul Nowak, general secretary of the Trades Union Congress (TUC), to the Bank of England's Court of Directors. The four-year appointment is expected to raise concerns among City investors due to Mr. Nowak's history of advocating for wealth taxes and closer ties with the EU.

Mr. Nowak has been a vocal critic of the Bank of England, accusing it of keeping interest rates too high earlier this year. He also called on Andy Burnham to launch a tax raid on banks, which would raise revenue by taxing their mega profits.

The appointment is not unusual, as Baroness O'Grady, another former TUC boss, served on the court for a decade from 2013. Mr. Nowak will bring 'deep and varied experience' to the Bank, according to Chancellor Healey.