Connect with us

Hi, what are you looking for?

Business

Four new directors for Bank of England board

The government is set to appoint four new non-executive directors to the internal court of the Bank of England, which acts as its supervisory board.

The new blood comes amid a period of intense scrutiny of the central bank’s decisions and mandate. Last week it revised its inflation forecasts and predicted a prolonged recession — to which Liz Truss, the Conservative leadership candidate, responded by indicating that she, like Rishi Sunak, her rival, would give ministers powers to override City regulators.

The Bank is independent of the government. Its Court of Directors meets every month to oversee internal matters at the Bank and has no influence over monetary policy or financial regulation. The non-executive directors are usually figures with a background in business or finance.

According to Sky News, the Treasury is set to appoint Lord Gadhia, a businessman; Soumen Das, chief finance officer of Segro; Sabine Chalmers, general counsel at BT; and Tom Shropshire, general counsel of Diageo. Nadhim Zahawi, the chancellor, has signed off on the appointments, Sky News reported. The Treasury did not comment.

Members of the Court of Directors are appointed by the Queen on the recommendation of the prime minister and the chancellor. The court oversees the Bank of England’s internal budget, personnel and governance issues and is split up into five sub-committees. Four members of the interest rate-setting monetary policy committee — Andrew Bailey, the governor, and Sir Jon Cunliffe, Sir Dave Ramsden and Ben Broadbent, the deputy governors — also sit on the court.

Present non-executive members include Frances O’Grady, general secretary of the TUC; Baroness Harding of Winscombe, a former chief executive of TalkTalk; Sir Ron Kalifa, chairman of Network International, the payments company; and Diana Noble, former chief executive of CDC, the development finance company.

Last month the Bank said it would appoint David Roberts, a former chairman of Nationwide, as head of the court, beginning this autumn.

Read more:
Four new directors for Bank of England board

You May Also Like

Business

What price happiness? The answer might be £3,360 a year, as the average UK worker would take a 10.5% pay cut to work for...

Stocks

After taking a breather in the week before this one, the Indian equity markets resumed their up move. The headline index continued with its...

Business

Small businesses are bringing forward their finance applications in order to beat expected further interest rate rises, according to new research. Four-in-ten (44%) SME...

Stocks

The bears have been in charge of the market for months now, going back to the beginning of January when the S&P topped out...

Dislaimer: peakprofitplace.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2023 peakprofitplace.com | All Rights Reserved