Tag: Treasury

The press release issued by HM Treasury on 29 February 2024.

The Chancellor has announced that Clare Lombardelli will succeed Ben Broadbent as the next Deputy Governor for Monetary Policy (DGMP) at the Bank of England.

His Majesty The King has approved the appointment.

Clare will take up her role at the Bank on 1 July 2024 for a term lasting five years.

As the new Deputy Governor for Monetary Policy, Clare will be responsible for overseeing the formulation and implementation of UK monetary policy and will lead the Bank’s research, data and analytics.  Clare will be a member of the Monetary Policy Committee, the Financial Policy Committee, the Court of the Bank of England, and will be part of the Executive Team charged with running the Bank to deliver its statutory objectives.

Clare will lead the actions in response to Ben Bernanke’s review of the Bank’s forecasting process, commissioned by the Bank’s Court of Directors. She will also be responsible for the Bank’s research agenda; will drive forward, jointly with the Bank’s Chief Operating Officer, an ambitious new data and analytics strategy; and will lead the Centre for Central Banking Studies that works closely with other parts of the UK Government to provide technical assistance to overseas central banks. Clare will represent the Bank on a number of national and international bodies.

Clare will succeed Ben Broadbent, who has served since 2014.

Jeremy Hunt, Chancellor of the Exchequer, said:

“I am delighted to appoint Clare Lombardelli as the next Deputy Governor for Monetary Policy at the Bank of England. Clare brings significant experience to the role tackling financial and economic issues both domestically and internationally.

“I would like to thank Ben for his decade of service as Deputy Governor of Monetary Policy at the Bank of England. Ben has played a vital role in helping the Bank maintain monetary and financial stability and I wish him the best in the next stage of his career.”

Andrew Bailey, Governor of the Bank of England, said:

“I’m really pleased to welcome Clare Lombardelli back to the Bank as Deputy Governor for Monetary Policy. Clare’s impressive career means she brings a huge amount of relevant experience and expertise to the Monetary Policy Committee, and the Bank more broadly, at a time of great importance for the UK economy.

“I would also like to thank Ben Broadbent for his service. He will be missed, and all at the Bank wish him the very best for the future.”

About the appointment

The Bank of England is the central bank of the UK. It is governed by the board of directors known as the Court. Further information can be found at the Bank of England website.

The Deputy Governor for Monetary Policy is appointed by His Majesty the King, on the recommendation of the Prime Minister and the Chancellor of the Exchequer.

The role is subject to pre-commencement scrutiny by the Treasury Select Committee.

Public appointments are made on merit following a fair and open competition process.

About Clare Lombardelli

Clare is the Chief Economist of the OECD where she is responsible for economic research and forecasting, analysis of OECD member and partner countries and represents the organisation at the G20, G7 and other international bodies.  Prior to this, Clare was the Chief Economic Advisor to the Treasury and joint head of the Government Economic Service.  Clare started her career at the Bank of England and has also worked at the International Monetary Fund.

The press release issued by HM Treasury on 28 February 2024.

The takeaway owner applied for a Bounce Back Loan and did not use the funds as declared in his application.

• Zaman Shaa fraudulently secured a £30,000 Covid Bounce Back Loan during the pandemic
• He illegally applied to dissolve his business and failed to inform creditors of his actions
• Shaa was handed a suspended sentence, banned as a company director for two years, and ordered to pay costs of £6,000

An Indian takeaway owner who used the funds from a Covid Bounce Back Loan for his own personal gain and ignored company law has been sentenced.

Zaman Shaa was sentenced to 36 weeks in prison, suspended for 18 months, when he appeared at Winchester Crown Court on Friday 23 February.

He was ordered to pay £6,000 in costs, at a rate of £250 per month, at the same hearing.

The 53-year-old was also disqualified as a company director for two years.

Pete Fulham, Chief Investigator at the Insolvency Service, said:

Zaman Shaa exploited a scheme intended to help businesses during a national emergency for his own personal gain.

His actions cannot simply be dismissed as something he did in the spur of the moment. They required a degree of planning and sophistication over a number of weeks to execute.

The sentence and disqualification order for Shaa demonstrate we will not hesitate to take action against directors who have abused Covid financial support in such a manner.

Shaa, of Woodside Road, Salisbury, applied for a £30,000 Bounce Back Loan in August 2020 when he was the director of Shaa Ventures Ltd.

His company used to manage the Chutneys Indian takeaway on Estcourt Road, Salisbury.

Shaa broke company law before securing the loan by applying to dissolve his business, even though it had been trading in the previous three months.

He also failed to fulfil his legal requirement to inform creditors that he had applied to dissolve the company.

Insolvency Service analysis of Shaa’s transactions indicated he transferred the funds into his personal accounts, sent some of the money abroad using a remittance service, and withdrew significant amounts in cash.

The disqualification order prevents Shaa from becoming involved in the promotion, formation or management of a company, without the permission of the court before February 2026.

Shaa no longer has any involvement at the takeaway.

Further information

• Zaman Shaa is of Woodside Road, Salisbury. His date of birth is 1 July 1970
• Sentenced for: Unlawful application for voluntary strike off, contrary to section 1004 of the Companies Act 2006; Failure to inform a creditor of striking off application, contrary to section 1007 of the Companies Act 2006; Fraud by false representation, contrary to section 2 of the Fraud Act 2006
• Shaa Ventures Ltd (11320134)

The press release issued by HM Treasury on 19 February 2024.

Six ground-breaking projects including an investigation looking at how endometriosis impacts women in the workplace have been awarded £12.4 million, the government has announced today, Tuesday 12 September.

• £12.4 million awarded to six innovative new projects to understand barriers to getting into work
• projects include investigating the impact of endometriosis on women’s work choices and how programmes to reduce obesity and type 2 diabetes can improve workforce participation
• funding will help overcome barriers facing those who need the most support getting into work

The projects comprise the first round of the Labour Market Evaluation and Pilots Fund, and take place over the next two years. The results will help to transform the government’s approach to the jobs market and drive forward research into best practice in employment.

While the UK’s employment rate is higher than a number of other advanced economies, the government is committed to ensure that those who most need help getting into the workplace are supported.

The Chancellor announced a range of interventions to address this at Spring Budget 2023 – including a significant expansion of childcare support, making 30 hours of free childcare a week available to parents from children aged 9 months. The Labour Market Evaluation and Pilots Fund is part of that and will be used to test new approaches and generate better evidence to help specific groups back into work or to work longer hours.

Financial Secretary to the Treasury, Victoria Atkins, said:

“Our jobs record is incredibly strong, with high employment that means millions of people are benefiting from work. But for some, that’s not happening.

“We need to look for solutions that are tailored to help people thrive in the jobs market. This analysis is the first step towards that – looking at specific health conditions or living arrangements to find out what works to help people work.”

Minister for Social Mobility, Youth and Progression Mims Davies MP said:

“The vital opportunities and confidence employment gives, helps to transform lives. This is why we are determined to support all those who want to progress to do so, while also driving down inactivity and importantly growing the economy.

“This key new funding for our pilots will enable us to support even more people to move forward in work, including vitally those in supported accommodation and more disadvantaged communities, to help people to break down any barriers to work, so more people can fulfil their employment potential.”

National Statistician, Sir Ian Diamond, said:

“The ONS welcomes the opportunity to shine light on this important area with these projects. This new analysis will provide crucial insight for decision makers in helping to understand how health conditions impact on people’s working lives and what interventions can help people stay in work.”

Minister for the Women’s Health Strategy Maria Caulfield said:

“Endometriosis can be a debilitating condition that stops women and girls from living their lives to their fullest potential.

“Through the Women’s Health Strategy we have set an ambition for all women and girls with severe endometriosis to experience better care, with reduced waiting times for diagnosis and providing funding for key research into the condition.

“The support doesn’t stop at health, and today’s announcement demonstrates how we’re taking a cross-government approach to help women with endometriosis get back to living their best lives.”

One of the projects includes a first-of-its-kind Office for National Statistics (ONS) evaluation which will investigate the impact of endometriosis on women’s participation and progression in the workforce. Endometriosis can affect around 1 in 10 women, with symptoms including chronic pain and fatigue which can disrupt daily routines, fertility and mental health and time off work may be needed for coping with symptoms. Previous work has shown that women with the condition often take this into consideration when making career choices, including the likelihood they will need to take significantly more sick leave. This project will improve understanding and help inform government plans to support women with the condition in their careers.

A second project by the ONS will evaluate whether programmes to reduce the risk of developing type two diabetes and obesity improve people’s ability to join the labour market. Around 3.8 million people in the UK have type 2 diabetes and 2.4 million are at high risk of developing the disease which can have a strong effect on quality of life, including the ability to work. The evaluation will include reviewing the impact of the Healthier You NHS Diabetes Prevention Programme (DPP), a large scale nine-month, evidence-based lifestyle change programme aimed at people at risk of developing type 2 diabetes.

There will also be a new pilot to address barriers to work faced by those aged 18-24 living in supported housing, which is accommodation provided alongside care, support or supervision to help people live as independently as possible in the community and can act as a pathway to transitioning into work.

To support young people in making that transition, DWP and the West Midlands Combined Authority (WMCA) have developed a Proof of Concept that will test financial support and simplification of the benefits system for 18-24 year olds living in supported housing who move into work or increase their working hours. This will help them to build their employment prospects further, work towards becoming financially independent and progress into move on accommodation in a planned way.

Funding will also be allocated to two HMRC projects to evaluate the impact of Tax-Free Childcare on parents’ work choices and women’s return to work after maternity leave. In addition, funding will be provided to DWP to trial employment support and rent incentives to move people out of work or on low earnings into work or onto higher earnings.

Further information

• At Spring Budget, the government announced a comprehensive employment package designed to remove the barriers preventing people from working and support them into the UK’s labour market, to boost economic growth, unlock the UK’s productive potential, and raise living standards. It is estimated to move 110,000 more individuals into the labour market by 2027-28, the largest supply-side policy adjustment the OBR have made to their forecast since 2010.
• Bids for the first round of the Labour Market Evaluation and Pilots Fund were assessed collaboratively by the joint HMT and Cabinet Office Evaluation Task Force.
• Further rounds of funding will be allocated in due course to evaluate new and existing labour market measures, move people into work and increase productivity. The results of these projects will inform future labour market policy.
• The Rent Simplification and Support Proof of Concept scheme is led by the Department for Work and Pensions and would mean young people in supported housing, who start work or increase their hours, would only have to pay up to a capped amount towards their rent (e.g. Local Housing Allowance equivalent rent amount) as opposed to the full rent liability.
• Jobs Plus is an innovative model that combines wrap-around support, intensive employment support and financial incentives in the heart of the community; reaching the most disadvantaged people whose access to employment and wider support is limited and disjointed.
• DWP will be testing Jobs Plus in England. The pilot assigns a key role for social housing providers to contribute to improving support and outcomes in some of our most socially and economically deprived communities. Delivered in a community hub setting, it is open to all residents; adopting a community-led approach which encourages residents to volunteer, champion, and drive engagement amongst their peers. Through the use of financial incentives, the pilot aims to not only support entry into employment but also aid in participant’s transition to wages to foster long-term positive and sustainable outcomes.
• For further information on government action to improve healthcare quality and access for women, please see the Women’s Health Strategy for England, and what we’ve achieved so far over the first year of the strategy.

The press release issued by HM Treasury on 15 February 2024.

The Economic Secretary to the Treasury Bim Afolami has appointed Bryan Zhang to the board of the Financial Conduct Authority (FCA).

Mr Zhang has extensive experience within financial services, particularly within Fintech, Digital Transformation, and Open Banking. He is a Co-Founder and the Executive Director of the Cambridge Centre for Alternative Finance (CCAF) at the University of Cambridge Judge Business School; he will take up a role as Non-Executive Director on Monday 19 February 2024 serving an initial three-year term.

The Economic Secretary to the Treasury, Bim Afolami, said:

“Ensuring that regulation keeps pace with technological developments is crucial to supporting innovation and competition in the financial services sector, whilst also ensuring that consumers are appropriately protected.

“I am therefore delighted with the appointment of Bryan Zhang to the Board of the FCA. Bryan has demonstrated expertise in technology-driven innovation in financial regulation, which will be of significant benefit to the FCA Board.”

FCA Chair Ashley Alder said:

“Bryan brings with him a wealth of experience working at the forefront of innovation. I know he will be an important asset to the board and his expertise will help the FCA keep pace with an ever-evolving landscape.”

Further Information

• The Financial Conduct Authority is the conduct regulator for around 45,000 financial services firms and financial markets in the UK.
• Under the Financial Services and Markets Act 2000, HM Treasury is responsible for appointing the members of the FCA Board.
• The FCA Board is responsible for setting the organisation’s strategic direction, making key policy decisions, and holding the FCA executive to account.
• Appointments and reappointments to the FCA Board are regulated by the Office of the Commissioner for Public Appointments.
• All appointments are made on merit and political activity plays no part in the selection process. However, in accordance with the Governance Code on Appointments there is a requirement for appointees’ political activity (if any is declared) to be made public. Bryan Zhang has not engaged in any political activity in the past five years.

The press release issued by HM Treasury on 5 February 2024.

A fraudster from North London has been sentenced after using a government-backed Bounce Back Loan for his own personal use.

The press release issued by HM Treasury on 1 February 2024.

More than 38,000 pubs are set to benefit from six-month freeze to alcohol duty from today.

• The great British pub receives further boost from today as a six-month alcohol duty freeze to 1 August 2024 takes effect.
• This tax saving will help support around 38,175 pubs to face rising costs.
• Duty freeze comes in addition to £4.3 billion in business rates cuts and duty protection for pints sold in pubs.

Pubs and hospitality venues have received a tax saving today, 1 February 2024, as a six-month alcohol duty freeze takes effect.

British pubs are a significant part of the fabric of communities across the UK and a further freeze on alcohol duty will help to support the sector while the government continues to bring down inflation while driving growth and investment.

This will impact around 38,175 pubs across the country and was announced as part of a multi-billion support package by Chancellor Jeremy Hunt in his Autumn Statement which also included £4.3 billion business rates relief.

Exchequer Secretary to the Treasury, Gareth Davies, said:

The great British pub remains a critical part of communities across the country, that’s why we’re helping to keep costs low by freezing alcohol duty, reducing business rates, and supporting on energy costs.

Our decisive action has also helped to more than halve inflation last year, protecting pubs and other businesses from the higher costs they would have otherwise faced.

And we need to stick to our plan, so we can deliver the long-term change our country needs to deliver a brighter future for Britain, and improve economic security and opportunity for everyone.

The six-month duty freeze, from 1 February to 1 August 2024, follows the biggest reform of alcohol duties taking effect last August, where, for the first time in over 140 years the UK’s alcohol duty system simplified so the duty paid reflects the amount of alcohol in it.

These reforms cut duty on pints in pubs by up to 11p when sold in supermarkets. Not increasing alcohol duty in line with inflation has now saved a further 3p to the duty on a typical pint of beer, 2p to a pint of cider, 4p to a glass of whisky, or 18p to a bottle of wine.

Welcoming the decision by the Chancellor to freeze alcohol duty, Nuno Teles, Managing Director, Diageo Great Britain, said:

By freezing duty until August, HM Treasury has listened to the industry’s plea for support and decided to back our homegrown sector, that employs so many people across the UK, and we urge the Chancellor to continue to back pub-goers, hospitality owners and producers.

Andy Slee, Chief Executive of the Society of Independent Brewers (SIBA) said:

While trading has been tough for pubs and independent breweries, the government’s continued support is very welcome. The beer duty freeze for six months provides some certainty for brewers as the new alcohol duty system is embedded.

As part of this, the government introduced Draught Relief allowing beer destined for the pub to have a lower rate – and already there are signs that this is working to support pubs.

The duty freeze formed part of a multi-billion pound support package for the alcohol duty industry announced at the Autumn Statement.

Retail, Hospitality and Leisure business rates relief was extended for a fifth year to 2024-25. This means around 230,000 retail, hospitality and leisure properties will receive 75% relief, up to a cap of £110,000 per business, on their business rates bills from the 2024-25 tax year. This is a tax cut worth nearly £2.4 billion and comes on top of one third of business properties being taken out of paying business rates completely thanks to other government reliefs.

The small business multiplier for business rates was also frozen for a fourth consecutive year, protecting over a million ratepayers from an inflation increase in their bills.

August 2023’s historical alcohol duty reforms saved on taxes in three ways. Firstly, on draught drinks in the pub for all draught products below 8.5% alcohol by volume (ABV) through increasing Draught Relief. This is part of this government’s Brexit Pubs Guarantee commitment for every pint in every pub to pay less duty than their supermarket equivalent. Secondly, tax was cut on lots of popular drinks in shops like sparkling wines and ready-made drinks. Finally, the new Small Producer Relief was announced to help small businesses and start-ups create new drinks, innovate and grow.

The press release issued by HM Treasury on 31 January 2024.

Millions of UK workers see boost in take home pay today as cut to National Insurance shows in January’s payslip as part of plan to reward work and boost growth.

• Progress made on economy means government is able to cut taxes for hard working people
• Saving worth £450 for an average worker earning £35,400 a year

Millions of workers are going to start seeing a boost to their take home pay today as January’s pay comes into bank accounts across the UK.

With millions of monthly earners getting paid today (Wednesday 31 January 2024), a household with two average earners will be starting to see a nearly £1,000 a year benefit from the Chancellor’s record personal tax cut.

Thanks to the progress made against its economic priorities, the government announced it will cut National Insurance by 2p from 12% to 10% at the Autumn Statement and made sure it took effect within weeks of the announcement, as part of its plan to reward work and grow the economy. The change is a more than 15% reduction in National Insurance, saving £450 this year for the average salaried worker on £35,400.

Millions of people working different jobs across hundreds of industries will now be better off. To a pub landlord that’s £418 a year, a bus driver £328, a nurse £527. A teacher will pay £635 less in National Insurance contributions this year.

Today’s historic NICs cut takes effect with the government having faced the legacy of Covid-19, and global instability with war in Ukraine and the Middle East.

In the past year, inflation has halved; the economy has recovered more quickly from the pandemic than first thought; and debt is on track to fall. The government is sticking to the plan and is building a stronger economy where hard work is rewarded and ambition and aspiration are celebrated.

Chancellor of the Exchequer Jeremy Hunt said:

“I never shied away from making the tough decisions needed yesterday to cut taxes today.

“This January pay boost for hard-working Brits is part of our plan to grow the economy and build a brighter future where hard work is always rewarded, relieving pressure on UK workers by putting around £450 back in their pockets.”

The cut means that for those on average salaries, personal taxes would be lower in the UK for single parents with no children than every other G7 country, based on the most recent OECD data. The UK also has the most generous starting allowances for income tax and social security contributions in the G7.

To mark the tax cut, earlier this month HMRC launched an online tool to help people understand how much they could save in National Insurance this year.

The tool uses salary information to give employees personalised estimates of how much they could save because of the government’s changes, and is hosted on the government’s cost of living support website on gov.uk.

The last major cut to the current personal tax system of today’s magnitude was when the National Insurance personal allowance increased from £9,880 to £12,570. This was the largest ever cut to a personal tax starting threshold, allowing working people to hold on to an extra £2,690 free from tax whilst last year taking around 2.2 million people out of paying tax altogether.

The cut to National Insurance combined with above-inflation increases to tax thresholds since 2010 means that the average earner will pay over £1,000 less in personal taxes than they otherwise would have done.

The independent Office for Budget Responsibility (OBR) says that, by 2028-29 this tax cut will increase the number of people in employment by 28,000 alongside a substantial economic benefit from those in work increasing their hours which the OBR forecast will be equivalent to 79,000 on a full-time equivalent basis. Overall, the OBR says that by 2028-29 this measure will increase the number of hours worked by new and existing employees by 0.3%, or 94,000 in full-time equivalent terms.

At the Autumn Statement the Chancellor Jeremy Hunt announced the biggest package of tax cuts to be implemented since the 1980s. In addition to today’s action, he announced a National Insurance cut for 2 million self-employed people, which will take effect on 6 April 2024 and is worth £350 for the average self-employed person on £28,200. He also made full expensing permanent, which at £11 billion per year is the biggest business tax cut in modern British history helping businesses invest for less. Over 200 business leaders told the government that it would have the single most transformational impact on business investment and growth.

The OBR says these two measures will increase the number of people in work and grow the economy.

He also announced the biggest ever increase to the National Living Wage, froze alcohol duty for six months and extended cuts to business rates relief for the high street.

Further information

Today’s tax cut combined with above-inflation increases to tax thresholds since 2010 means that the average earner will pay over £1,000 less in personal taxes than they otherwise would have done – this is based on the mean earnings for all employees from ASHE 2023. The income tax and employee NICs liability is compared to a hypothetical counterfactual where tax rates are kept unchanged and thresholds are uprated in line with inflation every year.

• Use HMRC’s new online tool to estimate yearly national insurance savings thanks to the 2p cut
• Visit the government’s cost of living support website
• National Insurance factsheet
• Latest OECD tax on wages data

The press release issued by HM Treasury on 25 January 2024.

The Bank of England (the Bank) and HM Treasury have today published their response to the consultation on a digital pound that was launched in February 2023.

• Bank of England and HM Treasury update on proposals for a digital pound which would include primary legislation to guarantee users’ privacy and control.
• Response confirms that neither the Bank nor the government would have access to users’ personal data.
• Authorities committed to maintaining access to cash for those who prefer it.
• Continuing work on digital currency will strengthen the UK’s position as a competitive global leader in finance.

The Bank of England (the Bank) and HM Treasury have today (25 January) published their response to the consultation on a digital pound that was launched in February 2023.

No final decision has been made to pursue a digital pound – also called a central bank digital currency (CBDC).

Work will continue during the design phase exploring its feasibility and potential design choices. This will look at how a digital pound could be used in the UK economy, providing greater choice, convenience and innovation for households and businesses making and accepting everyday payments. As part of broader work on payments innovation, the work will also help strengthen the UK’s position as a competitive global leader in finance.

The feedback from respondents from a range of industries and organisations was largely supportive of the proposed design set out in the 2023 Consultation Paper, while other respondents raised concerns about the implications of a digital pound for access to cash, users’ privacy, and control of their money.

To address these concerns, today’s publication confirms that, if a digital pound were to be implemented, primary legislation would be introduced, and this would guarantee users’ privacy and control. The Bank and the government would not have access to any personal data and users would have freedom in how they spent their digital pounds. There would also be a further public consultation on a digital pound prior to the introduction of primary legislation. These commitments would give both Parliament and the public further opportunities to have their say.

In addition, today’s publication reiterates the commitment of both the government and the Bank to protect access to cash, even if a digital pound were introduced.

Economic Secretary to the Treasury, Bim Afolami, said:

“We are at an exciting time of innovation in money and payments, and we want to ensure the UK is ready should a decision to build a digital pound be taken in the future. This is the latest stage in our national conversation on the future of our money – and it is far from the last.

“We will always ensure people’s privacy is paramount in any design, and any rollout would be alongside, not instead of, traditional cash.“

Deputy Governor for Financial Stability, Sarah Breeden, said:

“Trust in all forms of money is an absolute necessity. We know the decision on whether or not to introduce a digital pound in the UK will be a major one for the future of money. It is essential that we build that trust and have the support of the public and businesses who would be using it if introduced.”

Following the design phase, the Bank and the government will decide whether or not to build a digital pound, and, if proceeding, would set out a timetable for further consultation on legislation and a potential launch.

What would a digital pound look like?

• A digital pound would complement the role of cash in a digital world and give people more choice in how they make everyday payments.
• £10 of a digital pound would always be worth the same as £10 in banknotes or coins.
• It would be issued by the Bank of England, widely available and convenient to use.
• It would be easily exchangeable with other forms of money, including cash and bank deposits.
• It would be accessed through digital wallets offered to the public and businesses by the private sector through smartphones or smartcards.
• It would be intended for payments made online, in-store, and between individuals, rather than for savings, and it would not pay interest.
• There would be restrictions, at least initially, on how much an individual or business could hold.
• Like banknotes, it would be a claim on the Bank of England, have intrinsic value and be stable, unlike unbacked cryptoassets.

The press release issued by HM Treasury on 18 January 2024.

Jeremy Hunt champions British science and tech in first visit to the World Economic Forum’s Annual Meeting in Davos, Switzerland from a UK Chancellor since 2019

The press release issued by HM Treasury on 11 January 2024.

The three external members have been reappointed by the Economic Secretary to the Treasury.

John Taylor, Antony Jenkins, and Tanya Castell have been reappointed by the government as external members of the Prudential Regulation Committee (PRC).

John Taylor will serve a further three-year term, from 14 January 2024 to 13 January 2027. Antony Jenkins will also serve a further three-year term, from 5 April 2024 to 4 April 2027. Tanya Castell will serve a further three-year term from 1 September 2024 to 31 August 2027.

The Economic Secretary to the Treasury, Bim Afolami, said:

“I am pleased to reappoint John Taylor, Antony Jenkins, and Tanya Castell to the Prudential Regulation Committee. They have all made important contributions during their initial terms on the Committee and their reappointments will ensure the PRC continues to benefit from their industry experience and expertise.”

Further information

John Taylor currently serves as a non-executive director on the boards of the International Centre for Mathematical Sciences, the Royal Conservatoire of Scotland and the Medical, Dental Defence Union of Scotland and a member of Scottish Taskforce for Green and Sustainable Financial Services. He is a former chair of the Scottish Financial Risk Academy and a former president of the Institute and Faculty of Actuaries.

Antony Jenkins is the founder, chair and CEO of 10x Future Technologies Group, a company that aims to redefine how banks operate and engage with customers. He is chair of Redpin, the first non-bank foreign exchange payments specialists in the UK and member of the Advisory Board of Palamon Capital Partners. Previously, Antony held board leadership positions at Barclays Plc (2009 – 2015) including chief executive officer from 2012-2015.

Tanya Castell is an independent non-executive director on the Board of Border to Coast Pensions Partnership, which is an asset management company set up to pool the assets of the 11 local authority pension funds that own it. Tanya is also a member of the Financial Conduct Authority’s Regulatory Decisions Committee, a trustee on the board of the Royal National Institute for Blind where she chairs the Audit, Risk and Assurance Committee and the founder (and former CEO) of the charity Changing the Chemistry. Its aim is to improve diversity of thought on boards.

About the Prudential Regulation Committee

The Prudential Regulation Authority (PRA) supervises banks, insurers and major investment firms.

The PRA’s most important decisions are taken by the Prudential Regulation Committee, chaired by the Governor of the Bank of England. Five members are Bank staff, including the governor and four deputy governors. The Prudential Regulation Committee has a majority of external members, including the chief executive of the Financial Conduct Authority and six others selected for their experience and expertise in financial services.