A former Treasury boss and special adviser to Gordon Brown at the time of the global financial crisis is taking over a senior role at the Bank of England.
Sir Jon Cunliffe is replacing Paul Tucker as new deputy governor for financial stability from November in the latest change at “the Old Lady of Threadneedle Street” since governor Mark Carney took the helm.
Sir Jon, 60, has advised both Gordon Brown and the current David Cameron on Europe and global issues.
He said: “The Bank is of critical importance to the UK's prosperity and stability. It is both an honour and an exciting challenge to be joining the Bank now, as it takes on formally its new role and responsibilities for financial stability.”
His appointment was recommended by the Prime Minister and his Chancellor, George Osborne, in a move expected to increase the Treasury's influence in the Bank.
Mr Osborne said: “His deep experience in engaging with the European Union will be instrumental in ensuring Britain's financial services are well represented and protected.”
Sir Jon held senior roles at the Treasury from 2000 to 2007 on issues including financial regulation and global finance.
He was the Prime Ministerial adviser on Europe and global issues from July 2007 to December 2011, and was appointed the UK's permanent representative to the European Union in January last year.
Mr Carney, who has worked with Sir Jon for more than a decade on international issues at the G7, G20 and Financial Stability Board, said: “He brings an important European and international perspective that will be vital in ensuring that the Bank of England can shape both the UK and international financial systems so that they effectively serve the needs of the real economy.”