Her Majesty The Queen has agreed, on the recommendation of the Chancellor of the Exchequer and Prime Minister to appoint Sir Jon Cunliffe, currently United Kingdom Permanent Representative to the European Union, as Deputy Governor of the Bank of England with responsibility for Financial Stability, starting on 1 November 2013.
As the Bank’s Deputy Governor for Financial Stability, Sir Jon Cunliffe will play a crucial role in ensuring the safety and stability of the UK’s financial sector and will sit on the Bank’s Court of Directors, the Financial Policy Committee, the Monetary Policy Committee, the Board of the Prudential Regulation Authority, and will represent the Bank on a number of national and international bodies.
Announcing the appointment, the Chancellor said:
With his extensive experience in economic and financial policy, and very strong record of service at the highest levels of government in this country and internationally, Sir Jon Cunliffe will be an outstanding Deputy Governor of the Bank of England.
Sir Jon will be instrumental in ensuring the success of the Bank’s enhanced responsibilities for financial stability. His deep experience in engaging with the European Union will be instrumental in ensuring Britain’s financial services are well represented and protected. I wish him well in his new role.
Notes for Editors
- Sir Jon Cunliffe has been appointed to replace Paul Tucker, who announced on 14 June that he would step down from his post as Deputy Governor for Financial Stability in the autumn.
- Sir Jon, aged 60, has been appointed for a five year term (renewable once) with effect from November 1 2013.
- Sir Jon will lead the Bank of England’s work on financial stability and will be directly or indirectly responsible for more than 600 staff. He will sit on the Financial Policy Committee (and chair it in the Governor’s absence), the Monetary Policy Committee, the Board of the Prudential Regulation Authority and the Court of the Bank of England. He will also represent the Bank of England on a number of national and international bodies.
- Sir Jon has been the UK’s Permanent Representative to the European Union since January 2012, covering policy issues including negotiations on the banking union and a number of financial services dossiers.
- Between 2007 and 2011, he was the Prime Minister’s Adviser on Europe and Global Economic Issues. As part of this role he was the G20 and G8 ‘Sherpa’, including during the 2009 UK Chairmanship of the G20, where the post-crisis international financial regulation strategy was agreed.
- Prior to this, he held a number of positions at HM Treasury and in the UK Government, including Second Permanent Secretary at HM Treasury with responsibility for the directorate that covered macroeconomic, international and financial sector policy, and Managing Director of the Finance Regulation and Industry Directorate at HM Treasury.
- All appointments to the Bank’s Court of Directors are made on merit, and political activity plays no part in the selection process. However, in accordance with the original Nolan recommendations, there is a requirement for appointees’ political activity (if any declared) to be made public. Sir Jon has confirmed that he has not engaged in any political activity in the last five years.
- The appointment of Sir Jon Cunliffe was made by the Queen on the advice of the Prime Minister and Chancellor, under the terms of the Bank of England Act 1998 as amended by the Banking Act 2009. The appointment is for a five year term, renewable once.
- The Bank of England is the central bank of the UK. It is governed by a board of directors known as the Court of Directors. Further details can be found on the Bank of England website.
- Sir Jon Cunliffe’s replacement as United Kingdom Permanent Representative to the EU will be announced in due course.