Cunliffe named as new BoE deputy governor

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 leaving in October to join US university Harvard as a senior fellow.

Bank governor Mark 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.”