Sir Howard John Davies (born 12 February 1951) is a British economist and author, who is the chairman of
NatWest Group
NatWest Group plc is a British banking and insurance holding company, based in Edinburgh, Scotland. The group operates a wide variety of banking brands offering personal and business banking, private banking, investment banking, insurance and ...
and the former director of the
London School of Economics
The London School of Economics and Political Science (LSE) is a public university, public research university located in London, England and a constituent college of the federal University of London. Founded in 1895 by Fabian Society members Sidn ...
.
He was the first chairman of the
Financial Services Authority. Davies was chairman of the
Phoenix Group
Phoenix Group Holdings plc (formerly Pearl Group plc) is a provider of insurance services based in London, England. It is listed on the London Stock Exchange and is a constituent of the FTSE 100 Index.
History
The company was founded in 1857 a ...
and, until July 2015, chaired the UK
Airports Commission
The Airports Commission was an independent commission established in September 2012 by the Government of the United Kingdom to consider how the UK can "maintain its status as an international hub for aviation and immediate actions to improve th ...
.
In February 2015, he was appointed chairman of The Royal Bank of Scotland Group, taking up the role from September 2015. RBS Group was renamed NatWest Group in 2020.
Since 2011 he has been a professor at the Paris School of International Affairs, part of Sciences Po. He teaches master's courses on financial regulation and central banking.
Early life
Howard Davies born in
Blackley
Blackley is a suburban area of Manchester, England. Historically in Lancashire, it is approximately north of Manchester city centre, on the River Irk.
History
The hamlet of Blackley was mentioned in the Domesday Book. The name derives from ...
,
Manchester
Manchester () is a city in Greater Manchester, England. It had a population of 552,000 in 2021. It is bordered by the Cheshire Plain to the south, the Pennines to the north and east, and the neighbouring city of Salford to the west. The t ...
, England.
He was educated at Bowker Vale County Primary School and the
Manchester Grammar School
The Manchester Grammar School (MGS) in Manchester, England, is the largest independent school (UK), independent day school for boys in the United Kingdom. Founded in 1515 as a Grammar school#free tuition, free grammar school next to Manchester C ...
, where he was the founder editor of ''The Mancunian'', before going as an exchange student to the
Memorial University of Newfoundland and to
Merton College,
University of Oxford
, mottoeng = The Lord is my light
, established =
, endowment = £6.1 billion (including colleges) (2019)
, budget = £2.145 billion (2019–20)
, chancellor ...
, where he gained a
Master of Arts
A Master of Arts ( la, Magister Artium or ''Artium Magister''; abbreviated MA, M.A., AM, or A.M.) is the holder of a master's degree awarded by universities in many countries. The degree is usually contrasted with that of Master of Science. Th ...
degree in modern history and modern languages. He edited the ''
Cherwell'' newspaper in 1972.
On graduation from Oxford he joined the Foreign and Commonwealth Office in London, working the Western European Department on bilateral relations with Scandinavia, Italy, Austria and the Holy See. In 1974 he became Private Secretary To HM Ambassador in Paris, working for Sir Edward Tomkins and Sir Nicholas Henderson. From 1976 he was on secondment to HM Treasury, where he worked on Nationalised Industry Policy and Aerospace finding (civil and military). He was responsible for the UK participation in the Concorde, Airbus and Tornado programmes, in particular. In 1979 he was awarded a
Harkness Fellowship
The Harkness Fellowship (previously known as the Commonwealth Fund Fellowship) is a program run by the Commonwealth Fund of New York City. This fellowship was established to reciprocate the Rhodes Scholarships and enable Fellows from several cou ...
to attend the
Stanford Graduate School of Business in
California
California is a state in the Western United States, located along the Pacific Coast. With nearly 39.2million residents across a total area of approximately , it is the most populous U.S. state and the 3rd largest by area. It is also the m ...
where he obtained a
Master of Science
A Master of Science ( la, Magisterii Scientiae; abbreviated MS, M.S., MSc, M.Sc., SM, S.M., ScM or Sc.M.) is a master's degree in the field of science awarded by universities in many countries or a person holding such a degree. In contrast t ...
degree in management sciences.
In 1980 he returned to HM Treasury, where he was principal for monetary policy, from 1980 to 1982.
Career
Davies was employed by
McKinsey and Company
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 ...
from 1982 to 1987. From 1985 to 1986 he was special advisor to Chancellor of the Exchequer
Nigel Lawson
Nigel Lawson, Baron Lawson of Blaby, (born 11 March 1932) is a British Conservative Party politician and journalist. He was a Member of Parliament representing the constituency of Blaby from 1974 to 1992, and served in the cabinet of Margaret ...
. From 1987 to 1992 he was controller of the
Audit Commission. In 1992 he was appointed director general of the Confederation of British Industry, a position he held until 1995, when he was appointed
Deputy Governor of the Bank of England A Deputy Governor of the Bank of England is the holder of one of a small number of senior positions at the Bank of England, reporting directly to the Governor.
According to the original charter of 27 July 1694 the Bank's affairs would be supervise ...
. In 1997 Davies was appointed executive chairman of the newly established
Financial Services Authority, regulating the whole of the UK financial services industry, serving until 2003.
From 2003 to 2011 Davies was director of the
London School of Economics and Political Science
The London School of Economics and Political Science (LSE) is a public university, public research university located in London, England and a constituent college of the federal University of London. Founded in 1895 by Fabian Society members Sidn ...
. He stepped down from the position on 3 March 2011 following concern over the institution's decision to accept funding from a foundation controlled by the Libyan dictator
Muammar Gaddafi's son,
Saif, in the
LSE–Gaddafi affair
The LSE–Gaddafi affair was a scandal in the United Kingdom that occurred as a result of relationship that existed between the London School of Economics (LSE) and the Libyan government and its leader Muammar Gaddafi and his son Saif al-Islam Ga ...
.
Davies was a non-executive director of
GKN
GKN Ltd is a British multinational automotive and aerospace components business headquartered in Redditch, England. It is a long-running business known for many decades as Guest, Keen and Nettlefolds. It can trace its origins back to 1759 an ...
between 1989 and 1995, and a member of the international advisory board of
National Westminster Bank
National Westminster Bank, commonly known as NatWest, is a major retail and commercial bank in the United Kingdom based in London, England. It was established in 1968 by the merger of National Provincial Bank and Westminster Bank. In 2000, i ...
from 1991 to 1995. From 1995 to 2004 he was founder chairman of ''Employers Forum on Age'', a body formed to oppose ageism at work. From 2002 to 2010 he was a trustee of the
Tate Gallery
Tate is an institution that houses, in a network of four art galleries, the United Kingdom's national collection of British art, and international modern and contemporary art. It is not a government institution, but its main sponsor is the U ...
(where he was interim chair 2008–09), and was a member of the governing body of the
Royal Academy of Music from 2004 to 2013. He is patron of ''Working Families'', a campaigning charity which supports the rights of parents in the workplace. In 2004 he was elected to an Honorary Fellowship of
Merton College,
Oxford
Oxford () is a city in England. It is the county town and only city of Oxfordshire. In 2020, its population was estimated at 151,584. It is north-west of London, south-east of Birmingham and north-east of Bristol. The city is home to the ...
and became an independent director of
Morgan Stanley
Morgan Stanley is an American multinational investment management and financial services company headquartered at 1585 Broadway in Midtown Manhattan, New York City. With offices in more than 41 countries and more than 75,000 employees, the fir ...
, where he chaired the board's risk committee. From 2006 to 2010, Davies was a non-executive director of Paternoster Ltd. Since 2003, he has held membership in the International Advisory Committee of the
China Banking and Insurance Regulatory Commission
The China Banking and Insurance Regulatory Commission (CBIRC) is an agency of the People's Republic of China
China, officially the People's Republic of China (PRC), is a country in East Asia. It is the world's List of countries and depend ...
, and, since 2012, has chaired the International Advisory Committee of the
China Securities Regulatory Commission. He became chairman of the Royal Bank of Scotland Group in September 2015. In November 2019 the Group was renamed as the NatWest Group.
In 2009 Davies was appointed as advisor to the Investment Strategy Committee of
GIC Private Limited, formerly known as Government of Singapore Investment Corporation. Two years later he joined its international advisory board. He resigned from both positions in September 2012, on appointment to the chair of the Airports Commission (GIC Private Limited is a part owner of Heathrow). In 2010 he became a non-executive director of
Prudential plc
Prudential plc is a British multinational insurance company headquartered in London, England. It was founded in London in May 1848 to provide loans to professional and working people.
Prudential has dual primary listings on the London Stock E ...
, and chair of the Risk Committee, a role he performed until May 2020. In 2011 he joined the Regulatory Advisory Council of Millennium LLP in New York. Also in 2011, he joined the board of the
Royal National Theatre, where he was chairman of the finance committee for 4 years. From 2012 to 2015 Davies was a member of the advisory board of the SWIFT Institute. Davies is a council member of the
Asian Bureau of Finance and Economic Research in Singapore. In December 2020 he was appointed chairman of Inigo Ltd, an insurance company in the Lloyd's of London market..
In November 2022, as chairman of NatWest Bank, Davies reportedly told staff that he had been "embarrassed" during a meeting with the IMF after
Liz Truss
Mary Elizabeth Truss (born 26 July 1975) is a British politician who briefly served as Prime Minister of the United Kingdom and Leader of the Conservative Party from September to October 2022. On her fiftieth day in office, she stepped down ...
and
Kwasi Kwarteng
Akwasi Addo Alfred Kwarteng (born 26 May 1975) is a British Conservative Party (UK), Conservative Party politician who has been the Member of Parliament (United Kingdom), Member of Parliament (MP) for Spelthorne (UK Parliament constituency), S ...
released a mini-budget. Davies stated that the mini-budget had damaged the UK's reputation.
Other
Davies chaired the judges of the
Man Booker Prize for fiction in 2007. He was appointed chairman of the trustees of the
London Library
The London Library is an independent lending library in London, established in 1841. It was founded on the initiative of Thomas Carlyle, who was dissatisfied with some of the policies at the British Museum Library. It is located at 14 St James' ...
in November 2015.
He was a character in the
David Hare play ''
The Power of Yes
''The Power of Yes'' is a 2009 play by English playwright David Hare. It is the story of a dramatist seeking to understand the financial crisis of 2007–2008
Finance is the study and discipline of money, currency and capital assets. It ...
'' which premiered at the
London National Theatre in October 2009.
Honours
Davies was appointed a
Knight Bachelor
The title of Knight Bachelor is the basic rank granted to a man who has been knighted by the monarch but not inducted as a member of one of the organised orders of chivalry; it is a part of the British honours system. Knights Bachelor are th ...
in 2000.
Books
*
*
*
*
*
* ———————-(2022). The Chancellors: steering the British economy in crisis times. Cambridge: Polity Press.
Davies writes regularly for ''The Financial Times'', ''Times Higher Education'', ''Project Syndicate'' and ''Management Today''.
Personal life
Davies is married to Prue Keely, and has two sons.
He is a
supporter of
Manchester City Football Club
Manchester City Football Club are an English football club based in Manchester that competes in the Premier League, the top flight of English football. Founded in 1880 as St. Mark's (West Gorton), they became Ardwick Association Football ...
and the
Lancashire County Cricket Club. He plays cricket for
Barnes Common and Powerstock and Hooke cricket clubs.
References
External links
*
Davies' column archiveat Project Syndicate; accessed 17 March 2014.
Business blogat ''
Financial Times
The ''Financial Times'' (''FT'') is a British daily newspaper printed in broadsheet and published digitally that focuses on business and economic current affairs. Based in London, England, the paper is owned by a Japanese holding company, Ni ...
''; accessed 17 March 2014
Davies' profileat
Forbes.com
''Forbes'' () is an American business magazine owned by Integrated Whale Media Investments and the Forbes family (publishers), Forbes family. Published eight times a year, it features articles on finance, industry, investing, and marketing ...
; accessed 17 March 2014.
Profile at ''Global Policy'' accessed 17 March 2014.
Davies' profile at World Economic Forum accessed 17 March 2014.
Davies' biodataat ''Debrett's People of Today''; accessed 17 March 2014.
*
{{DEFAULTSORT:Davies, Howard
1951 births
Living people
Businesspeople from Manchester
British economists
Directors of Morgan Stanley
McKinsey & Company people
Stanford Sloan Fellows
Harkness Fellows
Knights Bachelor
People educated at Manchester Grammar School
Alumni of Merton College, Oxford
New York University faculty
People associated with the London School of Economics
People associated with the Royal Academy of Music
Stanford Graduate School of Business alumni
Deputy Governors of the Bank of England
Fellows of Merton College, Oxford