Chancellor John Healey announced on Wednesday, September 16, 2026, the appointment of Paul Nowak, general secretary of the Trades Union Congress (TUC), to the Bank of England's board. Nowak, whose organization represents 47 unions and 5.3 million workers, will serve a four-year term as a non-executive director. Alongside Nowak, the Chancellor appointed Refinitiv founder David Craig and investment manager Hanneke Smits to four-year terms.
The board, formally known as the Court of the Bank of England, is responsible for the central bank’s strategy, governance, budget, and risk framework. It operates separately from the committee that determines interest rates. Nowak succeeds Baroness Frances O’Grady, his predecessor at the TUC, as a non-executive director. All new appointees stated they have not participated in party political activity within the last five years.
Nowak has recently advocated for increased taxes on bank profits to fund cost-of-living support for households, stating on Wednesday that while interest rates have increased bills for citizens, banks have seen rising profits. A TUC spokesperson noted that Nowak agreed in advance to donate his board fees to the Bank Workers Charity and Everton in the Community. The TUC also stated that its general secretaries have previously been appointed to the Court by both Labour and Conservative chancellors.
Shadow chancellor Andrew Griffith criticized the move, stating the country does not need a trade union leader helping to run the Bank of England. Reform UK deputy leader Richard Tice also questioned the appointment, stating the Chancellor had given a role to a union leader who "knows nothing about finance." Chancellor Healey defended the selections, stating they provide "deep and varied experience" to support the Bank's missions of monetary and financial stability.
What happens next: Nowak and the other new directors will begin their four-year terms following the announcement. Nowak’s decision to donate his fees to charity will take effect as his service begins. The board will continue its oversight of the Bank's budget and governance.