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Bank of England appoints Paul Nowak, David Craig, Hanneke Smits

By Drooid · Sep 16, 2026, 10:01 PM UTC · How we work

Summary

Bank of England Appoints

The Bank of England appointed Paul Nowak, David Craig and Hanneke Smits as new non-executive directors of its Court.
Nowak will serve a four-year term ending 31 August 2030 and will not sit on the Monetary Policy Committee.
Craig will serve a four-year term ending 31 August 2030, with his first Court meeting on 17 September 2026.
Smits will begin a four-year term on 1 January 2027, ending 31 December 2030, and meet the Court on 11 February 2027.
The new directors replace Sir Ron Kalifa, Baroness Frances O’Grady and Sabine Chalmers on the Court.

Summary

Nowak Gets Court Seat

Nowak was appointed to the Court seat traditionally reserved for a trade-union representative.
Chancellor Andrew Griffith called the appointment “staggering” and warned of a 1970s-style tax agenda.
Reform UK leader Richard Tice called it “cronyism in plain sight” and doubted Nowak’s finance expertise.
Nowak will donate his £20,000 fee to Bank Workers Charity and Everton in the Community.

History

Historical Context

The Bank of England Act 1998, which took effect on 1 June 1998, created a twelve-member Court of Directors—five executives and up to nine Crown-appointed non-executives—each paid £30,000 a year. Sir Eddie George chaired the inaugural Court, and today Governor Andrew Bailey’s board welcomes new non-executives Paul Nowak, David Craig and Hanneke Smits, reviving the Act’s push for transparent governance and parliamentary scrutiny.

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Bank of England Appoints

The Bank of England appointed Paul Nowak, David Craig and Hanneke Smits as new non-executive directors of its Court.
Nowak will serve a four-year term ending 31 August 2030 and will not sit on the Monetary Policy Committee.
Craig will serve a four-year term ending 31 August 2030, with his first Court meeting on 17 September 2026.
Smits will begin a four-year term on 1 January 2027, ending 31 December 2030, and meet the Court on 11 February 2027.
The new directors replace Sir Ron Kalifa, Baroness Frances O’Grady and Sabine Chalmers on the Court.

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