Paul Nowak appointed to Bank of England board

Chancellor John Healey has appointed Paul Nowak, the general secretary of the Trades Union Congress (TUC), to the board of the Bank of England. Nowak will serve as a non-executive director for a four-year term, succeeding Baroness Frances O’Grady.

In addition to Nowak, Healey appointed Refinitiv founder David Craig and investment manager Hanneke Smits to four-year terms on the Court of the Bank of England. The board is responsible for overseeing the central bank’s strategy, governance, budget, and risk framework, though it is separate from the committee that sets interest rates.

The appointment has drawn political criticism. Shadow Chancellor Andrew Griffith expressed opposition to a trade union leader helping to run the central bank. Nowak, who represents 5.3 million workers through the TUC, has recently advocated for higher taxes on bank profits to support cost-of-living measures for households.