Jon Cunliffe
Sir Jonathan Cunliffe | |
|---|---|
| Born | June 2, 1953 |
| Occupation | Civil servant |
| Years active | 1980–present |
| Known for | Deputy Governor for Financial Stability at the Bank of England (2013–2024) |
Sir Jonathan Stephen Cunliffe, CB (born 2 June 1953), is a distinguished British civil servant who held the position of Deputy Governor for Financial Stability at the Bank of England from November 2013 until October 2024.
Biography
Cunliffe pursued his studies at Manchester University and subsequently held a lecturing post at the University of Western Ontario before entering public service in 1980 with the UK Department of the Environment and Transport.
His career progressed within HM Treasury, where he was appointed Deputy Director for International Finance in 1998. He later served as Director of International Finance and then as Managing Director responsible for Macroeconomic Policy and International Finance. By 2005, he had advanced to the role of Second Permanent Secretary, concentrating on international financial matters.
In 2007, following Gordon Brown's rise to Prime Minister, Cunliffe took on the role of Head of the European and Global Issues Secretariat, providing counsel on global economic policies and European Union affairs. During this period, he co-authored the UK Government’s report titled “Economic aspects of peace in the Middle East” alongside Ed Balls.
On 24 June 2011, Cunliffe was named British Permanent Representative to the European Union, succeeding Kim Darroch; he remained in this position until succeeded by Ivan Rogers.
Beginning November 2013, Cunliffe served as Deputy Governor at the Bank of England with responsibility for Financial Stability. In this capacity, he was an ex officio member of the Financial Policy Committee, Monetary Policy Committee, and Court of Directors. He took over from Paul Tucker, who was overlooked for Governor in favor of Mark Carney. Cunliffe’s tenure concluded on 31 October 2024.
In September 2020, Communities Secretary Robert Jenrick appointed him to the UK Holocaust Memorial Foundation.
Cunliffe led "Project Bookend," an internal Bank initiative analyzing potential economic consequences stemming from the UK's EU referendum outcome; details became public following an accidental email disclosure.
In October 2024, both UK and Welsh governments jointly appointed Cunliffe as chair of the Independent Water Commission. The commission was established to tackle systemic challenges in the water sector after pollution controversies. His report released in July 2025 advocated significant reforms in water regulation across England and Wales. Although there was criticism regarding the exclusion of renationalisation from consideration, his recommendations were accepted by the Government. These included abolishing Ofwat and creating two separate regulatory bodies—one for England and one for Wales—consolidating authority from various agencies to strengthen oversight over water companies.
Views
During a March 2014 address at Chatham House, Cunliffe expressed that domestic banks remained too big to fail (TBTF). He proposed that future bank failures should be resolved through bail-in mechanisms rather than relying on nationalisation, as had been done with HBOS, RBS, and threatened for Barclays during the 2008 financial crisis.
Personal life
An Anglo-Jewish individual, Cunliffe married at the New London Synagogue located in St John’s Wood, London. He is father to two daughters, including Rachel Cunliffe, who serves as associate political editor at the New Statesman. He received appointment as a Companion of the Order of the Bath ("CB") in the New Year Honours 2001 and was knighted as a Knight Bachelor in the New Year Honours 2010.