Sir Jonathan Stephen Cunliffe,
CB (born 2 June 1953) is a senior British
civil servant
The civil service is a collective term for a sector of government composed mainly of career civil servants hired on professional merit rather than appointed or elected, whose institutional tenure typically survives transitions of political leaders ...
, currently serving as
Deputy Governor of the Bank of England for Financial Stability.
Biography
Cunliffe studied at
Manchester University
, mottoeng = Knowledge, Wisdom, Humanity
, established = 2004 – University of Manchester Predecessor institutions: 1956 – UMIST (as university college; university 1994) 1904 – Victoria University of Manchester 1880 – Victoria Univer ...
. He lectured at the
University of Western Ontario
The University of Western Ontario (UWO), also known as Western University or Western, is a Public university, public research university in London, Ontario, London, Ontario, Canada. The main campus is located on of land, surrounded by resident ...
, before joining the UK
Department of the Environment and Transport in 1980.
He was appointed Deputy Director for International Finance at
HM Treasury
His Majesty's Treasury (HM Treasury), occasionally referred to as the Exchequer, or more informally the Treasury, is a department of His Majesty's Government responsible for developing and executing the government's public finance policy and ec ...
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
A permanent secretary (also known as a principal secretary) is the most senior civil servant of a department or ministry charged with running the department or ministry's day-to-day activities. Permanent secretaries are the non-political civil s ...
, remaining managing director of Macroeconomic Policy and International Finance, later focussed to managing director of International and Finance.
In 2007 following
Gordon Brown
James Gordon Brown (born 20 February 1951) is a British former politician who served as Prime Minister of the United Kingdom and Leader of the Labour Party (UK), Leader of the Labour Party from 2007 to 2010. He previously served as Chance ...
'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.
On 24 June 2011, Number 10 announced that Cunliffe would replace
Kim Darroch
Nigel Kim Darroch, Baron Darroch of Kew, (; born 30 April 1954) is a former British diplomat. He served as the British Ambassador to the United States between January 2016 and December 2019, and previously as National Security Adviser and UK ...
as
British Permanent Representative to the EU in January 2012. He was replaced in the role by
Ivan Rogers
Sir Mark Ivan Rogers (born March 1960) is a former senior British civil servant who was the Permanent Representative of the United Kingdom to the European Union from 4 November 2013 until his resignation on 3 January 2017.
Education
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
An ''ex officio'' member is a member of a body (notably a board, committee, council) who is part of it by virtue of holding another office. The term '' ex officio'' is Latin, meaning literally 'from the office', and the sense intended is 'by right ...
'' member of the Bank's
Financial
Finance is the study and discipline of money, currency and capital assets. It is related to, but not synonymous with economics, the study of production, distribution, and consumption of money, assets, goods and services (the discipline of fina ...
and
Monetary Policy Committee Monetary Policy Committee (MPC) may refer to:
* Monetary Policy Committee (India)
The Monetary Policy Committee is responsible for fixing the benchmark interest rate in India. The meetings of the Monetary Policy Committee are held at least fo ...
s and its Court of Directors. He replaced
Paul Tucker when the latter was passed over for promotion to Governor in favour of
Mark Carney
Mark Joseph Carney (born March 16, 1965) is a Canadian economist and banker who served as the governor of the Bank of Canada from 2008 to 2013 and the governor of the Bank of England from 2013 to 2020. Since October 2020, he is vice chairman and ...
, and chose instead when the announcement was made in June 2013 to lecture at
Harvard
Harvard University is a private Ivy League research university in Cambridge, Massachusetts. Founded in 1636 as Harvard College and named for its first benefactor, the Puritan clergyman John Harvard, it is the oldest institution of higher le ...
.
[
In September 2020, Cunliffe was appointed to the UK Holocaust Memorial Foundation by the then Communities Secretary Robert Jenrick.
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
A referendum (plural: referendums or less commonly referenda) is a direct vote by the electorate on a proposal, law, or political issue. This is in contrast to an issue being voted on by a representative. This may result in the adoption of a ...
. This was alleged to have been inadvertently revealed after a senior official emailed details about the project to an editor at The Guardian
''The Guardian'' is a British daily newspaper. It was founded in 1821 as ''The Manchester Guardian'', and changed its name in 1959. Along with its sister papers ''The Observer'' and ''The Guardian Weekly'', ''The Guardian'' is part of the Gu ...
newspaper.
Views
Cunliffe suggested in a March 2014 speech at Chatham House
Chatham House, also known as the Royal Institute of International Affairs, is an independent policy institute headquartered in London. Its stated mission is to provide commentary on world events and offer solutions to global challenges. It is ...
that the domestic banks were too big to fail
"Too big to fail" (TBTF) and "too big to jail" is a theory in banking and finance that asserts that certain corporations, particularly financial institutions, are so large and so interconnected that their failure would be disastrous to the great ...
(TBTF), and instead of the nationalisation
Nationalization (nationalisation in British English) is the process of transforming privately-owned assets into public assets by bringing them under the public ownership of a national government or state. Nationalization usually refers to pri ...
process used in the case of HBOS
HBOS plc was a banking and insurance company in the United Kingdom, a wholly owned subsidiary of the Lloyds Banking Group, having been taken over in January 2009. It was the holding company for Bank of Scotland plc, which operated the Bank ...
, RBS
RBS may refer to:
Organisations Banking
* The Royal Bank of Scotland, a retail banking subsidiary of NatWest Group
** RBS International, the offshore banking arm of NatWest Group
Education
* Regent's Business School
* Rotterdam Business School
...
and threatened for Barclays
Barclays () is a British multinational universal bank, headquartered in London, England. Barclays operates as two divisions, Barclays UK and Barclays International, supported by a service company, Barclays Execution Services.
Barclays traces ...
(all in late 2008), could henceforth be bailed-in.[telegraph.co.uk: "BoE has 'no confidence' a failing big bank could be saved" (Wilson) 17 Mar 2014]
/ref>
Personal life
Cunliffe, who is Anglo-Jewish, married his wife at the New London Synagogue in St John’s Wood, north-west London. He has two daughters, one of whom works as an online editor at the New Statesman.
He was appointed a Companion of the Order of the Bath
The Most Honourable Order of the Bath is a British order of chivalry founded by George I of Great Britain, George I on 18 May 1725. The name derives from the elaborate medieval ceremony for appointing a knight, which involved Bathing#Medieval ...
("CB") in the New Year Honours 2001
The 2001 New Year Honours List is one of the annual New Year Honours, a part of the British honours system, where New Year's Day, 1 January, is marked in several Commonwealth countries by appointing new members of orders of chivalry and recipient ...
, and made 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 the ...
in the New Year Honours 2010
The New Year Honours 2010 were announced on 31 December 2009 in the United Kingdom, New Zealand, Cook Islands, Barbados, Grenada, Papua New Guinea, Solomon Islands, Saint Lucia, Belize, Antigua and Barbuda, Saint Christopher and NevisSaint Christ ...
.
References
External links
European and Global Issues Secretariat homepage
{{DEFAULTSORT:Cunliffe, Jon
Second Permanent Secretaries of HM Treasury
Monetary Policy Committee members
Civil servants in the Cabinet Office
Living people
1953 births
Alumni of the University of Manchester
Companions of the Order of the Bath
Knights Bachelor
Fellows of Nuffield College, Oxford
Deputy Governors of the Bank of England