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Jonathan Adair Turner, Baron Turner of Ecchinswell (born 5 October 1955) is a British businessman and academic and was Chairman of the
Financial Services Authority until its abolition in March 2013. He is a former Chairman of the
Pensions Commission and the
Committee on Climate Change
The Climate Change Committee (CCC), originally named the Committee on Climate Change, is an independent non-departmental public body, formed under the Climate Change Act (2008) to advise the United Kingdom and devolved Governments and Parliament ...
, as well as a former Director-General of the
Confederation of British Industry
The Confederation of British Industry (CBI) is a UK business organisation, which in total claims to speak for 190,000 businesses, this is made up of around 1,500 direct members and 188,500 non-members. The non members are represented through the 1 ...
. He has described himself in a
BBC #REDIRECT BBC #REDIRECT BBC
Here i going to introduce about the best teacher of my life b BALAJI sir. He is the precious gift that I got befor 2yrs . How has helped and thought all the concept and made my success in the 10th board exam. ...
...
HARDtalk
''HARDtalk'' is a BBC television and radio programme broadcast on the BBC News Channel, on BBC World News, and on the BBC World Service.
Broadcast times and days vary, depending on broadcasting platform and geographic location. ''HARDtalk'' i ...
interview with
Stephen Sackur
Stephen John Sackur (born 9 January 1964) is an English journalist who presents ''HARDtalk'', a current affairs interview programme on BBC World News and the BBC News Channel. He was also the main Friday presenter of '' GMT'' on BBC World News. ...
as a '
technocrat'.
He is a vocal advocate of
monetary financing and "
helicopter money
Helicopter money is a proposed unconventional monetary policy, sometimes suggested as an alternative to quantitative easing (QE) when the economy is in a liquidity trap (when interest rates near zero and the economy remains in recession). Althoug ...
" whereby central banks would directly finance government spending or cash distribution to citizens. Since 2010, he has written monthly opinion columns on economic and regulatory policy for
Project Syndicate
Project Syndicate is an international media organization that publishes and syndicates commentary and analysis on a variety of global topics. All opinion pieces are published on the ''Project Syndicate'' website, but are also distributed to a wi ...
.
Early life
Adair Turner was born in
Ipswich
Ipswich () is a port town and borough in Suffolk, England, of which it is the county town. The town is located in East Anglia about away from the mouth of the River Orwell and the North Sea. Ipswich is both on the Great Eastern Main Line r ...
. He grew up in
Crawley
Crawley () is a large town and borough in West Sussex, England. It is south of London, north of Brighton and Hove, and north-east of the county town of Chichester. Crawley covers an area of and had a population of 106,597 at the time of th ...
and
East Kilbride
East Kilbride (; gd, Cille Bhrìghde an Ear ) is the largest town in South Lanarkshire in Scotland and the country's sixth-largest locality by population. It was also designated Scotland's first new town on 6 May 1947. The area lies on a rais ...
(both
new town
New is an adjective referring to something recently made, discovered, or created.
New or NEW may refer to:
Music
* New, singer of K-pop group The Boyz
Albums and EPs
* ''New'' (album), by Paul McCartney, 2013
* ''New'' (EP), by Regurgitator, ...
s. His father Geoffrey was a
University of Liverpool
, mottoeng = These days of peace foster learning
, established = 1881 – University College Liverpool1884 – affiliated to the federal Victoria Universityhttp://www.legislation.gov.uk/ukla/2004/4 University of Manchester Act 200 ...
-educated
town planner
An urban planner (also known as town planner) is a professional who practices in the field of town planning, urban planning or city planning.
An urban planner may focus on a specific area of practice and have a title such as city planner, town ...
). Adair attended
Hutchesons' Grammar School
Hutchesons' Grammar School is a co-educational independent day school for pupils aged 3-18 in Glasgow, Scotland.
It was founded as Hutchesons' Boys' Grammar School by George Hutcheson and Thomas Hutcheson in 1641
It is a selective school, m ...
in
Glasgow
Glasgow ( ; sco, Glesca or ; gd, Glaschu ) is the most populous city in Scotland and the fourth-most populous city in the United Kingdom, as well as being the 27th largest city by population in Europe. In 2020, it had an estimated popul ...
, then moved to
Glenalmond College
Glenalmond College is a co-educational independent boarding school in Perth and Kinross, Scotland, for children aged between 12 and 18 years. It is situated on the River Almond near the village of Methven, about west of the city of Perth. T ...
. He later went to
Gonville and Caius College, Cambridge
Gonville and Caius College, often referred to simply as Caius ( ), is a constituent college of the University of Cambridge in Cambridge, England. Founded in 1348, it is the fourth-oldest of the University of Cambridge's 31 colleges and one of th ...
, where he took a
Double first
The British undergraduate degree classification system is a grading structure for undergraduate degrees or bachelor's degrees and integrated master's degrees in the United Kingdom. The system has been applied (sometimes with significant variati ...
in History and Economics and became President of the
Cambridge Union
The Cambridge Union Society, also known as the Cambridge Union, is a debating and free speech society in Cambridge, England, and the largest society in the University of Cambridge. Founded in 1815, it is the oldest continuously running debatin ...
. He was also Chairman of the
University's Conservative Association. He joined the
Social Democratic Party
The name Social Democratic Party or Social Democrats has been used by many political parties in various countries around the world. Such parties are most commonly aligned to social democracy as their political ideology.
Active parties
For ...
(SDP) in 1981.
Business career
He taught economics part-time after university. His career with
BP started in 1979 and he worked for
Chase Manhattan Bank
JPMorgan Chase Bank, N.A., doing business as Chase Bank or often as Chase, is an American national bank headquartered in New York City, that constitutes the consumer and commercial banking subsidiary of the U.S. multinational banking and fina ...
from 1979 to 1982. He became a director of
McKinsey & Co
McKinsey & Company is a global management consulting firm founded in 1926 by University of Chicago professor James O. McKinsey, that offers professional services to corporations, governments, and other organizations. McKinsey is the oldest and ...
in 1994 after joining in 1982. Turner was Director-General of the
Confederation of British Industry
The Confederation of British Industry (CBI) is a UK business organisation, which in total claims to speak for 190,000 businesses, this is made up of around 1,500 direct members and 188,500 non-members. The non members are represented through the 1 ...
(CBI) from 1995 to 1999. In this role he became one of the leading proponents of British membership of the euro – a stance he later said was mistaken. From 2000 to 2006 he was Vice-Chairman of
Merrill Lynch
Merrill (officially Merrill Lynch, Pierce, Fenner & Smith Incorporated), previously branded Merrill Lynch, is an American investment management and wealth management division of Bank of America. Along with BofA Securities, the investment bank ...
Europe.
He lectures part-time at the
London School of Economics
, mottoeng = To understand the causes of things
, established =
, type = Public research university
, endowment = £240.8 million (2021)
, budget = £391.1 millio ...
, where in 2010 he delivered three lectures on "Economics after the Crisis", later published by MIT Press as a book under that title: this criticised conventional wisdom that the object of policy should be to maximise GDP, that the way to do this is to promote freer markets, and that inequality is an acceptable price for growth.
In 2002, he chaired a UK government enquiry into pensions. In 2007, he succeeded
Frances Cairncross
Dame Frances Anne Cairncross, (born 30 August 1944 in Otley, England) is a British economist, journalist and academic. She is a senior fellow at the School of Public Policy, UCLA.
She formerly chaired the executive committee of the Institute f ...
as Chairman of the
Economic and Social Research Council
The Economic and Social Research Council (ESRC), formerly the Social Science Research Council (SSRC), is part of UK Research and Innovation (UKRI). UKRI is a non-departmental public body (NDPB) funded by the UK government. ESRC provides fundi ...
and
Baroness Jay as Chair of the
Overseas Development Institute
ODI (formerly the 'Overseas Development Institute') is a global affairs think tank, founded in 1960. Its mission is "to inspire people to act on injustice and inequality through collaborative research and ideas that matter for people and the p ...
's Council.
In 2008 his ''Building a Low-carbon Economy'' (co-written with
David Kennedy) was published, and the same year Turner was appointed as first Chairman of the British Government's newly established
Committee on Climate Change
The Climate Change Committee (CCC), originally named the Committee on Climate Change, is an independent non-departmental public body, formed under the Climate Change Act (2008) to advise the United Kingdom and devolved Governments and Parliament ...
. He stepped down from this position in Spring 2012.
On 29 May 2008, it was announced that he would take over as Chairman of the
Financial Services Authority. He took up this post on 20 September 2008 for a five-year term to succeed
Callum McCarthy
Sir Callum McCarthy (born 29 February 1944) is the former chairman of the Financial Services Authority. He is also the former non-executive chairman of Promontory Financial Group's UK affiliate.
Early life and education
McCarthy attended Manchest ...
.
Financial Services Authority
Turner defended the actions of the regulator on the
BBC #REDIRECT BBC #REDIRECT BBC
Here i going to introduce about the best teacher of my life b BALAJI sir. He is the precious gift that I got befor 2yrs . How has helped and thought all the concept and made my success in the 10th board exam. ...
...
's Andrew Marr show on 15 February 2009, saying that other regulatory bodies throughout the world, which varied in structure and lightness of regulatory touch, also failed to predict the economic collapse. He said that in line with other regulators the FSA had failed intellectually by focusing too much on processes and procedures rather than looking at the bigger economic picture. Asked why