Chancellor Unveils New Appointments at the Bank of England

David Craig and Paul Nowak have been appointed to serve four-year terms on the Court of the Bank of England, concluding on 31 August 2030. Hanneke Smits is set to commence her own four-year term on 1 January 2027, which will last until 31 December 2030.

Craig and Nowak will take over the positions previously held by Sir Ron Kalifa and Baroness Frances O’Grady. Their inaugural meetings with the Court are scheduled for 17 September and 22 October respectively. Smits will assume the role currently occupied by Sabine Chalmers, who has announced her intention to step down at the end of October 2026. Smits is expected to participate in her first Court meeting on 11 February 2027.

These appointments coincide with the reappointment of Lord Jitesh Gadhia and Tom Shropshire as non-executive directors for an additional four-year term. Gadhia’s tenure will commence on 24 October 2026, while Shropshire’s will begin on 1 November 2026.

Significance of New Appointments

John Healey, Chancellor of the Exchequer, remarked on the importance of these new appointments, stating that they enhance the Court during a pivotal time for the UK economy. He highlighted the wealth of experience these individuals bring, which will support the Bank in fulfilling its fundamental missions of ensuring monetary and financial stability.

David Roberts, Chair of the Court, expressed gratitude towards Sabine Chalmers for her commitment to the Bank of England over the past four years, noting her valuable contributions to the Court, particularly in relation to the Bank’s cultural and developmental initiatives.

Roberts extended a warm welcome to Craig, Nowak, and Smits, noting that their extensive insights and experience will be invaluable as the Court navigates its responsibilities. He also looked forward to partnering with Gadhia and Shropshire in continuing to implement necessary changes to prepare the Bank for future challenges.

Profiles of New Court Members

Paul Nowak serves as the General Secretary of the Trades Union Congress (TUC), which represents 47 unions and 5.3 million workers across the UK. He has advocated for the TUC on international platforms, including the International Labour Organisation, OECD, and G20, and possesses non-executive experience with Unity Trust Bank.

David Craig is a seasoned executive in financial markets and data technology, boasting over 30 years of leadership experience. He was the founder and CEO of Refinitiv, transforming it into a leading firm in financial data and technology before facilitating its acquisition by the London Stock Exchange Group, where he led the Data and Analytics Division. He also co-chairs the Taskforce on Nature-related Financial Disclosures.

Hanneke Smits has a distinguished career in investment management, with 34 years of experience, including her previous role as Global Head of BNY Investment Management and a member of BNY’s Executive Committee. In addition to her prior service on the Court, she has extensive non-executive experience with organisations such as the Wellcome Trust, the Van Leer Foundation, and the Education Endowment Foundation.

Continuing Influence of Established Members

Lord Jitesh Gadhia brings over 25 years of expertise in investment banking and financial services, having held significant roles at Blackstone, Barclays Capital, ABN AMRO, and Baring Brothers. He currently serves on the boards of Rolls-Royce Holdings plc and Taylor Wimpey plc and has been a member of the House of Lords since 2016. Gadhia is also the Chair of The British Asian Trust, a charitable foundation established by His Majesty King Charles III.

Tom Shropshire is the Senior Vice President and General Counsel of Thermo Fisher Scientific Inc., having previously held the position of General Counsel and Company Secretary at Diageo plc. Before joining Diageo, he was a partner at Linklaters LLP, where he led the US Practice and co-headed the Risk and Resilience Practice. He is a trustee of the New York University School of Law and has previously served as a trustee and chair of Comic Relief.

The Role of the Court of the Bank of England

The Court of the Bank of England functions as the institution’s governing body, responsible for overseeing its strategy, governance, budget, and risk framework. Its role includes ensuring that the Bank effectively discharges its statutory responsibilities.

The Court comprises the Chair, eight Non-Executive Directors, the Governor, and four Deputy Governors. Non-Executive Directors contribute independent judgement and a diverse range of experience to the Court’s discussions.

Appointment Process Transparency

The recent appointments followed a thorough and transparent competition in accordance with the Governance Code on Public Appointments. It is important to note that appointments and reappointments to the Court of the Bank of England are evaluated on their merits, and are not guaranteed.

All newly appointed and reappointed members—David Craig, Paul Nowak, Hanneke Smits, Lord Jitesh Gadhia, and Tom Shropshire—have confirmed that they have not participated in any party political activities within the last five years.