Sir Jon Cunliffe named as BoE’s new deputy governor

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TREASURY veteran Sir Jon Cunliffe has been named as the Bank of England’s new deputy governor with responsibility for financial stability.

Cunliffe, who is currently the UK’s Brussels-based permanent representative to the European Union, takes up the role on 1 November. He replaces Paul Tucker, who is following in the footsteps of former governor Sir Mervyn King to take up a role in US academia. King, who handed over the reins to Mark Carney at the start of the month, is to become a visiting professor at New York University, while Tucker leaves in October to join Harvard as a senior fellow.

Carney said Cunliffe, who started his civil service career at the Department of Transport in 1980, was an “outstanding public servant with vast experience of financial and economic policy”.

He added: “He brings an important European and international perspective that will be vital in ensuring that the Bank can shape both the UK and international financial systems so that they effectively serve the needs of the real economy.”

Cunliffe held various posts in the Treasury, rising to second permanent secretary in 2002, before becoming an adviser on European and global issues to former Prime Minister Gordon Brown in 2007.

He said: “The Bank is of critical importance to the UK’s prosperity and stability. It is both an honour and an exciting challenge to be joining the Bank now, as it takes on formally its new role and responsibilities for financial stability.”

Chancellor George Osborne said Cunliffe’s “deep experience in engaging with the European Union will be instrumental in ensuring Britain’s financial services are well represented”.

The five-year term as deputy governor commands an annual salary of about £260,000.