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Sir John Cunliffe Replaces Paul Tucker As Deputy Gvnor

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HM Treasury has today announced that Her Majesty The Queen has agreed, on the recommendation of the Chancellor and Prime Minister, to appoint Sir Jon Cunliffe 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.

Notes for Editors

1. HM Treasury’s announcement regarding Sir John Cunliffe’s appointment is available on the HM Treasury website, at the following link: https://www.gov.uk/government/news/sir-jon-cunliffe-appointed-deputy-governor-of-the-bank-0of-england-for-financial-stability 2. Sir Jon Cunliffe has been appointed to replace Paul Tucker, who announced on June 14 that he would step down from his post as Deputy Governor for Financial Stability in the autumn. The Bank has today provided further information on his plans, available at the following link: http://www.bankofengland.co.uk/publications/Pages/news/2013/094.aspx 3. Sir Jon, aged 60, has been appointed for a five year term (renewable once) with effect from 1 November 2013. 4. 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. 5. 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. 6. etween 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. 7. 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. 8. 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

Treasury mandarin.

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One of Gordie's deep thinkers.


Generally, running UKREP is fairly low-profile post: you're a big cheese in Brussels and a major player in Whitehall (Sir Jon is replacing Sir Kim Darroch, who becomes National Security Adviser), but hardly a household name. Yet Sir Jon's appointment may just make him rather more of a public figure, since he stirs strong feelings among some political types.

For many years, Sir Jon was regarded as a central member of Gordon Brown's Whitehall team. Relative to Tony Blair, at least, Mr Brown was cautious about the EU. Certainly, pro-European Blairites did not regard Sir Jon as being sympathetic to their cause.

(See, for example, Nick Watt's thoughts on Sir Jon's role in 2005 when Tony Blair tried to give away some of Britain's EU budget rebate.)

And in Whitehall, the Foreign Office remains somewhat suspicious of a man who spent his entire career in the Treasury.

On the other hand, some Conservative sceptics are profoundly hostile to Sir Jon, since he was the senior official involved in last May's talks over the first Greek bailout, talks that led to the creation of the European Financial Stability Mechanism, the first bailout fund, to which Britain has contributed.

Douglas Carswell, for instance, has described Sir Jon as the "official who helped negotiate Britain's mega liabilities for Euro bailouts"

On his blog earlier this year, Mr Carswell said this:

"The idea Cunliffe’s appointment means a change of approach is balls. If anything, it confirms that it’ll be EU business as usual."

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  • 239 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
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      • Even
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      • up 5%

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