Paul Nowak Joins the Bank of England’s Court of Directors

On September 16, the Treasury announced that Paul Nowak, General Secretary of the Trades Union Congress (TUC), has been appointed as a non-executive director of the Bank of England’s Court for a four-year term ending 31 August 2030. The Court functions as the Bank’s board, overseeing strategy, governance, budget and risk, but does not set interest rates. Nowak’s first Court meeting is scheduled for 22 October.

Paul Nowak Joins the Bank of England’s Court, but He Will Not Set Interest Rates Healey Appoints Trades Union Congress Boss Paul Nowak to Bank of England Board of Directors Oxford MailChancellor announces Bank of England appointments Chancellor hails union chief Paul Nowak being appointed to key Bank of England job... days after he demanded tax raid on City

The Court traditionally includes one member from a trade union; a 2024 Bank history notes this practice. Nowak, who has led the TUC since 2022, previously served on the board of Unity Trust Bank and has represented the TUC at the International Labour Organisation, the OECD and the G20. His appointment follows the departure of former TUC director Baroness Frances O’Grady, who had served since 2019 under a Conservative chancellor.

Healey Appoints Trades Union Congress Boss Paul Nowak to Bank of England Board of Directors

• September 16 – Treasury announces Nowak’s appointment (four-year term).

Oxford Mail

• September 17 – David Craig attends his first Court meeting (scheduled).

Chancellor announces Bank of England appointments

• October 22 – Paul Nowak attends his first Court meeting (scheduled).

Chancellor announces Bank of England appointments

• 31 August 2030 – Nowak’s term expires.

Chancellor announces Bank of England appointments

• 1 January 2027 – Hanneke Smits begins a four-year term on the Court (scheduled).

Chancellor announces Bank of England appointments

• The TUC represents 47 unions and 5.3 million workers in the UK.

Healey Appoints Trades Union Congress Boss Paul Nowak to Bank of England Board of Directors

• Nowak will receive a £20,000 per year fee, which he has pledged to donate to the Bank Workers Charity and Everton in the Community.

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• He has claimed that Britain’s “big four banks” generate more than £1 billion a week in profit.

Chancellor hails union chief Paul Nowak being appointed to key Bank of England job... days after he demanded tax raid on City

• The Court comprises the Chair, eight non-executive directors, the Governor and four Deputy Governors.

Chancellor announces Bank of England appointments

David Roberts, Chair of the Court, thanked outgoing member Sabine Chalmers and welcomed the incoming directors, noting they bring “considerable insight and experience” for the Bank’s responsibilities. The government press release highlighted Nowak’s international representation of the TUC and his non-executive experience at Unity Trust Bank.

Chancellor announces Bank of England appointments

Reform UK deputy leader Richard Tice called the appointment “staggering,” describing it as “cronyism in plain sight” and suggesting the union boss “knows nothing about finance.”

Oxford Mail

While the Court does not vote on monetary policy, its oversight can shape the Bank’s risk framework, senior appointments and financial-stability strategy. Nowak’s labour-market perspective may influence discussions on wage growth and employment conditions—key inputs for the Monetary Policy Committee’s decisions. The appointment also revives the historic practice of including a trade-union voice on the Bank’s board, potentially broadening the range of viewpoints considered in governance.

Paul Nowak Joins the Bank of England’s Court, but He Will Not Set Interest Rates

• “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.” — Mr Healey

Oxford Mail

• “Paul Nowak is General Secretary of the Trades Union Congress. The TUC represents 47 unions and 5.3 million workers in the UK. Paul has represented the TUC internationally at the International Labour Organisation, OECD and G20, and holds non-executive experience at Unity Trust Bank.” — The government

Healey Appoints Trades Union Congress Boss Paul Nowak to Bank of England Board of Directors