TUC Chief Paul Nowak Joins Bank of England's Governing Board

Paul Nowak has been appointed as a non-executive director of the Bank of England's Court for four years, through August 31, 2030. The appointment was announced by HM Treasury on September 16. As general secretary of the Trades Union Congress, Nowak will bring direct organised-labour experience to the role.

The Court is the governing board of the Bank of England and oversees strategy, governance, budget, and risk. It also monitors whether the institution is carrying out its statutory functions effectively. However, members of the Court do not have a vote on monetary policy decisions, which are made by the Monetary Policy Committee (MPC).

Nowak will be able to attend MPC meetings as an observer but will not have a say in setting interest rates. The Chancellor also appointed David Craig, former chief executive of Refinitiv and London Stock Exchange Group's Data and Analytics division, who will replace Sir Ron Kalifa on the Court.