The Chancellor, John Healey, has praised the appointment of TUC general secretary Paul Nowak as a non-executive director of the Bank of England, saying it would bring "deep and varied experience" to Threadneedle Street. The announcement came shortly after Nowak used the TUC's annual conference to call for higher taxes on banks ahead of the Budget, prompting scrutiny of the timing given the Bank's role overseeing monetary and financial stability rather than fiscal policy.

Nowak will be paid £20,000 a year for around three days' work a month, replacing Frances O'Grady, who held the post since 2019. Non-executive directors serve four-year terms on the Bank's Court, which has up to nine such positions, one traditionally reserved for a trade unionist; previous holders include Brendan Barber, Dave Prentis and Bill Morris. In his conference speech, Nowak urged the Prime Minister to confront banks and the wealthy, claiming Britain's big four banks earn more than £1 billion a week and arguing higher taxes on them could help cut energy bills.