# Chancellor Names Union Leader for Bank of England Role After Tax Demand > Chancellor appoints union chief Paul Nowak to Bank of England board days after he called for tax raid on banks - Title: Chancellor Names Union Leader for Bank of England Role After… - Summary: Chancellor appoints union chief Paul Nowak to Bank of England board days after he called for tax raid on banks Paul Nowak, TUC leader, joins Bank of… - Keywords: paul nowak, tuc, bank of england, chancellor, tax raid, non-executive director, boe, trade union, monetary policy, news, entertainment, Names - Source: Dailymail — https://dailymail.com/news/article-16136591/Chancellor-union-chief-Paul-Nowak-Bank-England-job-tax.html?ito=1490&ns_campaign=1490&ns_mchannel=rss - Published: 2026-09-16T15:38:42+00:00 - Read time: 1 min - Topics: paul nowak, tuc, bank of england, chancellor, uk, tax raid, non-executive director, boe, trade union, monetary policy, news, entertainment ## New Bank of England Appointment Chancellor John Healey named Paul Nowak, TUC leader, as Bank of England non-executive director > Paul Nowak had agreed with the BoE in advance of his appointment that he would be donating all his fees to charity ## Tax Demand Background Nowak demanded tax raid on banks at the Budget just days before his appointment ## Union Leader's Role Nowak will serve three days a month at the Bank for £20,000 annual fee > He looks forward to helping bringing the perspective of working people into the work of the BoE ## Charity Commitment Nowak pledges all his fee to Bank Workers Charity and Everton in the Community ## Political Context Nowak replaces Frances O'Grady, who served since 2019 under previous Tory Chancellor ## Chancellor's Rationale Healey says Nowak brings 'deep and varied experience' for UK economic stability > These appointments strengthen the Court at a critical moment for the UK economy ## Opposition Criticism Shadow chancellor Andrew Griffith called it a 'Labour 1970s' policy move > Labour are taking us back to the 1970s with their high-tax, high-spend agenda ## Union Leader's Speech Nowak urged Prime Minister to face down banks and the super-rich during TUC speech > The new Prime Minister has already started to give breathing space to families and businesses ## Criticism of Appointment Reform deputy leader Richard Tice called it 'cronyism in plain sight' > Clearly, trade union donations not only buy your way into government policymaking, but also onto the Bank of England ## Bank of England Role Non-executive directors oversee Bank's governance and strategy since nationalization 80 years ago ## Tax Argument Nowak claims big banks make over £1 billion weekly and need more tax to lower energy bills > Britain's big four banks are making more than £1billion a week ## Historical Context TUC general secretaries have been appointed to the Court by both Labour and Conservative chancellors ## Economic Stance Nowak argues for public ownership of water companies and tax on tech billionaires > If water companies can't provide basic services because they've paid out huge dividends for decades ## Opposition View Shadow chancellor says Labour's agenda is high-tax, high-spend like 1970s > Labour are taking us back to the 1970s with their high-tax, high-spend agenda ## Bank of England Oversight The Court has up to nine non-executive directors including union leaders ## Current Debate Nowak's tax demands clash with Bank's traditional financial oversight role ## Key takeaway Paul Nowak, TUC leader, joins Bank of England's non-executive board to push for bank tax increases amid economic tensions