Howard Davies (economist)

Sir Howard Davies
Born	Howard John Davies (1951-02-12) February 12, 1951 Prestbury, Cheshire, England
Occupation(s)	Economist, writer, academic, executive
Years active	1970s–present
Known for	Chairman of NatWest Group; first chairman of the Financial Services Authority; former Deputy Governor of the Bank of England; director of the London School of Economics
Notable work	Chancellors' Tales: Managing the British Economy; Global Financial Regulation: The Essential Guide; Banking on the Future: The Fall and Rise of Central Banking; The Financial Crisis: Who Is To Blame?; Can Financial Markets Be Controlled?; The Chancellors: Steering the British Economy in Crisis Times

Sir Howard John Davies (born 12 February 1951) is a distinguished British economist and writer, recognized for his executive leadership in prominent financial organizations. He held the position of chairman at NatWest Group (previously The Royal Bank of Scotland Group) from September 2015 until his departure in April 2024, completing almost nine years in the role. Davies was the first chairman of the Financial Services Authority and also chaired both the Phoenix Group (company) and the UK Airports Commission until July 2015. In 2023, his leadership came under examination due to issues related to the Nigel Farage scandal.

Since 2011, Davies has been a professor at the Paris School of International Affairs, part of Sciences Po, where he delivers master's level courses focused on financial regulation and central banking.

Early life

Davies was born in Prestbury, Cheshire and raised in Blackley, Manchester. His early education included Bowker Vale County Primary School and Manchester Grammar School, where he was the founding editor of The Mancunian. As an exchange student, he attended Memorial University of Newfoundland before completing a Master of Arts degree in modern history and modern languages at Merton College, Oxford. During his time at Oxford, he served as editor of the Cherwell in 1972.

Following graduation, Davies joined the Foreign and Commonwealth Office with a focus on relations within Western Europe. In 1974, he was appointed Private Secretary to Her Majesty’s Ambassador in Paris. Beginning in 1976, he was seconded to HM Treasury where he worked on Nationalised Industry Policy and aerospace funding, managing UK involvement in Concorde, Airbus, and Tornado projects. Awarded a Harkness Fellowship in 1979, Davies pursued a Master of Science in management sciences at Stanford Graduate School of Business. Upon returning to HM Treasury in 1980, he served as principal responsible for monetary policy until 1982.

Career

From 1982 to 1987, Davies was employed by McKinsey & Company. Between 1985 and 1986, he acted as special adviser to Chancellor of the Exchequer Nigel Lawson. He then took on the role of Controller at the Audit Commission from 1987 to 1992. In 1992, he assumed leadership as director general of the Confederation of British Industry until 1995 when he was appointed Deputy Governor of the Bank of England. In 1997, Davies became Executive Chairman of the newly established Financial Services Authority, overseeing regulation of UK financial services through to 2003.

Between 2003 and 2011, Sir Howard served as director of the London School of Economics and Political Science, stepping down amid controversy surrounding Libyan funding linked to Saif al-Islam Gaddafi.

His non-executive roles have included positions at GKN (1989–1995) and membership on the international advisory board of National Westminster Bank (1991–1995). He founded and chaired Employers Forum on Age (1995–2004), an initiative addressing age discrimination in employment. His trusteeship and interim chairmanship at the Tate Gallery spanned from 2002 to 2010, alongside involvement with the Royal Academy of Music between 2004 and 2013. He acts as patron for Working Families, an organisation championing parental rights in workplaces. In 2004, Davies was made an Honorary Fellow at Merton College, Oxford, while also joining as an independent director at Morgan Stanley, where he chaired its risk committee. From 2006 until 2010, he held a non-executive directorship at Paternoster Ltd. Since 2003, Davies has advised the China Banking and Insurance Regulatory Commission, chairing the International Advisory Committee for the China Securities Regulatory Commission starting in 2012. He took up chairmanship of Royal Bank of Scotland Group in February 2015.

In 2009, Davies provided counsel to the Investment Strategy Committee of GIC Private Limited, joining its international advisory board in 2011 before resigning in 2012 upon accepting chairmanship of the Airports Commission—highlighting GIC’s investment in Heathrow Airport. Between 2010 and May 2020, he was a non-executive director and Risk Committee chair at Prudential plc. In 2011, he joined Millennium LLP's Regulatory Advisory Council and led finance efforts at the Royal National Theatre. From 2012 to 2015, he advised the SWIFT Institute and has served on Singapore’s Asian Bureau of Finance and Economic Research council. In 2021, Davies became Chairman of Inigo Ltd, a Lloyds of London Managing Agent; since February 2025 he has held the presidency of the Cornhill Club.

In May 2022, Davies publicly described Brexit as a "significant mistake." Later that year, while serving as NatWest Group Chairman, he expressed feeling "embarrassed" following an IMF meeting after the Truss-Kwarteng mini-budget. In July 2023, he voiced support for NatWest CEO Dame Alison Rose amid fallout from a client confidentiality breach involving Nigel Farage’s account; Rose resigned shortly after amid government pressure. This incident led to calls for Davies’s resignation; however, Prime Minister Rishi Sunak refrained from endorsing such a move. Backed by shareholders, Davies remained until his departure from NatWest in April 2025 after nearly nine years.

In January 2024, Davies attracted criticism for stating that purchasing a house in the UK was "not that difficult."

Sir Howard concluded his tenure as NatWest Group Chairman on 15 April 2024, marking almost nine years consistent with UK Corporate Governance Code recommendations on term limits.

Other roles

In 2007, Davies served as the chair for the judging panel of the Man Booker Prize for fiction. Later, in November 2015, he took on the role of chairman of the trustees at the London Library.

David Hare's play The Power of Yes, which debuted at the National Theatre in London in October 2009, featured a character based on Davies.

Awards and recognition

Davies received the honour of being named a Knight Bachelor in the year 2000.

Published works

• Chancellors' Tales: Managing the British Economy (Polity Press, 2006)
• Global Financial Regulation: The Essential Guide (Polity Press, 2008), co-authored with David Green
• Banking on the Future: The Fall and Rise of Central Banking (Princeton University Press, 2010), written alongside David Green
• The Financial Crisis: Who Is To Blame? (Polity Press, 2010), in collaboration with David Green
• Can Financial Markets Be Controlled? (Polity Press, 2015)
• The Chancellors: Steering the British Economy in Crisis Times (Polity Press, 2022)

Davies is a frequent contributor to publications such as The Financial Times, Times Higher Education, Project Syndicate, and Management Today.

Personal details

He is married to Prue Keely and they have two sons. A fan of Manchester City Football Club and Lancashire County Cricket Club, Davies also actively participates in cricket with Barnes Common cricket club.

External links

• Archive of Davies' columns at Project Syndicate; accessed 17 March 2014.
• Business blog at Financial Times; accessed 17 March 2014.
• Profile of Davies at Forbes.com; accessed 17 March 2014.
• Profile at Global Policy; accessed 17 March 2014.
• Profile at World Economic Forum; accessed 17 March 2014.
• Biodata for Davies at Debrett's People of Today; accessed 17 March 2014.