The Government has appointed ex-Treasury civil servant Sir Jon Cunliffe as Bank of England deputy governor for financial stability to replace Paul Tucker.
Cunliffe will take up a five-year term on 1 November when Tucker will leave after missing out on the governor job to Mark Carney last year.
Tucker, who was red-hot favourite to replace ex-governor Sir Mervyn King, was due to leave in February 2014 but brought his five-year term to an end sooner. When he leaves the Bank Tucker will become a senior fellow of Harvard Business School.
Cunliffe will leave his post as the UK parliament’s representative to the EU which he has held since January 2012 after spending 33 years in the civil service.
From 2000 to 2002 he worked under Chancellor Gordon Brown as Treasury managing director of financial regulation.
Between 2007 and 2011 Cunliffe worked as the Prime Minister’s adviser on Europe and global issues having previously been the UK representative on various EU committees and the Bank of England’s monetary policy committee.
Cunliffe will have key responsibilities for the stability of the UK financial sector as well as sitting on the MPC, financial policy committee, Prudential Regulation Authority board, a number of international organisations and the Bank’s Court of Directors.
Bank of England governor Mark Carney says: “I am delighted Sir Jon Cunliffe is to join the Bank of England. 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 the Bank of England can shape both the UK and international financial systems so they effectively serve the needs of the real economy.”
Cunliffe says: “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.”