Paul Nowak has been appointed to the Bank of England’s Court of Directors for a four-year term ending on 31 August 2030. He will take up the seat left by Baroness Frances O’Grady and attend his first Court meeting on 22 October.
The Chancellor said three new non-executive directors were appointed to the Court, and Nowak is one of them. John Healey said: “These appointments strengthen the Court at a critical moment for the UK economy, providing deep and varied experience to support the Bank in delivering its core missions of monetary and financial stability.”
Trades Union Congress role
Nowak is the General Secretary of the Trades Union Congress, which represents 47 unions and 5.3 million workers in the UK. He has also represented the Trades Union Congress internationally at the International Labour Organisation, OECD and G20, and he brings non-executive experience from Unity Trust Bank.
That combination makes him an unusual addition to the Court of Directors: a trade union leader is joining the body that helps oversee the Bank of England’s direction and governance. Healey said: “On behalf of Court, I am delighted to welcome David, Paul and Hanneke, who bring considerable insight and experience that will aid the Court in executing on our responsibilities.”
Bank of England appointments
David Craig was also appointed to a four-year term until 31 August 2030, while Hanneke Smits will begin her four-year term on 1 January 2027 and end it on 31 December 2030. Craig will attend his first Court meeting on 17 September, and Healey said he looked forward to continuing working with Jitesh and Tom following their reappointment.
For Nowak, the immediate change is clear: he moves from representing unions to helping govern the Bank of England for a fixed term. His first test comes at the Court meeting on 22 October, when he joins a body facing the same core responsibilities through 2030.
