HM Treasury has today announced that Her Majesty The Queen has agreed, on the recommendation of the Chancellor and Prime Minister, to appoint Sir Jon Cunliffe as Deputy Governor of the Bank of England with responsibility for Financial Stability, starting on 1 November 2013.
As the Bank’s Deputy Governor for Financial Stability, Sir Jon Cunliffe will play a crucial role in ensuring the safety and stability of the UK’s financial sector and will sit on the Bank’s Court of Directors, the Financial Policy Committee, the Monetary Policy Committee, the Board of the Prudential Regulation Authority, and will represent the Bank on a number of national and international bodies.
Commenting on the appointment, the Governor of the Bank of England, Mark Carney, said:
“I am delighted that Sir Jon Cunliffe is to join the Bank of England. I have been fortunate to have worked with Jon for over a decade on a wide variety of international issues at the G7, G20 and Financial Stability Board. He is an outstanding public servant, with vast experience of financial and economic policy. He brings an important European and international perspective that will be vital in ensuring that the Bank of England can shape both the UK and international financial systems so that they effectively serve the needs of the real economy.”
Sir Jon Cunliffe said:
"I am delighted to have been appointed Deputy Governor for Financial Stability of the Bank of England. The Bank is of critical importance to the UK's prosperity and stability. It is both an honour and an exciting challenge to be joining the Bank now, as it takes on formally its new role and responsibilities for financial stability. I look forward to working with Mark Carney and all of the Bank team as this new chapter is written in the Bank's long and distinguished history."