Jon Cunliffe

Sir Jon Cunliffe CB
Deputy Governor of the Bank of England for Financial Stability
Incumbent
Assumed office November 2013
Governor	Mark Carney
Preceded by	Paul Tucker
British Permanent Representative to the EU
In office January 2012 – November 2013
Preceded by	Sir Kim Darroch
Succeeded by	Ivan Rogers
Personal details
Born	1 June 1953
Alma mater	Manchester University
Occupation	Diplomat, Banker

Sir Jonathan Stephen Cunliffe, CB (born 2 June 1953) is a senior British civil servant, currently serving as Deputy Governor of the Bank of England for Financial Stability.

Biography

Cunliffe studied at Manchester University. He lectured at the University of Western Ontario, before joining the UK Department of the Environment and Transport in 1980.^[1][2]

He was appointed Deputy Director for International Finance at HM Treasury in 1998, then promoted to Director of International Finance, and then Managing Director of Macroeconomic Policy and International Finance. In 2001 he became Managing Director of Finance, Regulation and Industry for a year, before reverting to Managing Director of Macroeconomic Policy and International Finance. In 2005 Cunliffe's position was promoted to that of Second Permanent Secretary, remaining Managing Director of Macroeconomic Policy and International Finance, later focussed to Managing Director of International and Finance.^[3]

In 2007 following Gordon Brown's appointment as Prime Minister, Cunliffe was appointed Head of the European and Global Issues Secretariat. This role included being the Prime Minister's Advisor on International Economic Affairs and on the EU in the Prime Minister's Office.^[1][4]

On 24 June 2011, Number 10 announced that Cunliffe would replace Kim Darroch as British Permanent Representative to the EU in January 2012.^[5] He was replaced in the role by Ivan Rogers.

Cunliffe currently serves as Deputy Governor of the Bank of England for Financial Stability. He took up the role in November 2013 and is an ex officio member of the Bank's Financial and Monetary Policy Committees and its Court of Directors.^[6] He replaced Paul Tucker when the latter was passed over for promotion to Governor in favour of Mark Carney, and chose instead when the announcement was made in June 2013 to lecture at Harvard.^[7]

Cunliffe is overseeing 'Project Bookend', the Bank of England's project to examine the possible economic effects of the UK leaving the EU following the upcoming referendum.^[8] This was alleged to have been inadvertently revealed after a senior official emailed details about the project to an editor at The Guardian newspaper.^[8]

Views

Cunliffe suggested in a March 2014 speech at Chatham House that the domestic banks were too big to fail (TBTF), and instead of the nationalisation process used in the case of HBOS, RBS and threatened for Barclays (all in late 2008), could henceforth be bailed-in.^[7] Curiously, Tucker chose to open his academic career with an address in Washington to the Institute for International Finance in which he suggested that US banks and other institutions were now no longer to be deemed TBTF and henceforward would be bailed-in.^[9]

Personal life

Cunliffe is married with two daughters.^[1] He was appointed a Companion of the Order of the Bath ("CB") in the New Year Honours 2001,^[10] and made a Knight Bachelor in the New Year Honours 2010.^[11]

References

1. Who's Who 2010: CUNLIFFE, Jonathan Stephen. Who's Who. A & C Black, Oxford University Press. 2010. ISBN 978-0-19-957215-1. Retrieved 14 March 2010.
2. "Sir Jon Cunliffe: Biography". GOV.UK. Retrieved 18 March 2014.
3. OECD Council 2007 Ministerial meeting. "Jon Cunliffe biography". Retrieved 14 March 2010.
4. The Daily Telegraph (2007-06-07). "Brown brings civil servants back to the heart". Retrieved 2010-03-14.
5. "Senior Diplomatic Appointments". Number 10. 24 June 2011. Retrieved 25 June 2011.
6. "New Bank of England deputy governor". BBC News. 26 July 2013. Retrieved 3 January 2014.
7. telegraph.co.uk: "BoE has 'no confidence' a failing big bank could be saved" (Wilson) 17 Mar 2014
8. "Email mistake reveals Bank of England's EU exit project". BBC News. Retrieved 23 May 2015.
9. telegraph.co.uk: "US banks no longer 'too big to fail', says Tucker" (Aldrick) 12 Oct 2013
10. The London Gazette: (Supplement) no. 56070. p. 3. 2000-12-30. Retrieved 2010-03-14.
11. The London Gazette: (Supplement) no. 59282. p. 1. 2009-12-31. Retrieved 2010-03-14.

External links

• European and Global Issues Secretariat homepage