Walter Cunliffe, 1st Baron Cunliffe

Walter Cunliffe, 1st Baron Cunliffe
Born	London, England
Died	6 January 1920(1920-01-06) (aged 64) Headley Court, Surrey, England
Occupation	Banker
Years active	1880–1918
Known for	Governor of the Bank of England (1913–1918), Chairman of the Cunliffe Committee

Walter Cunliffe, 1st Baron Cunliffe (3 December 1855 – 6 January 1920) was a prominent British banker who established the merchant banking firm Cunliffe Brothers in London, later known as Goschens & Cunliffe. He held the position of Governor of the Bank of England from 1913 until 1918, managing financial policies throughout World War I. Elevated to the peerage as 1st Baron Cunliffe in 1914, he led the Cunliffe Committee, which influenced postwar monetary policy and fiscal policy development.

Early life and family

Cunliffe was born in London in 1855, the second oldest among six siblings. His father, Roger Cunliffe, initially invested in the expansion of the North Eastern Railway before transitioning into merchant banking. Walter received his education at Harrow School followed by Trinity College, Cambridge.

His brother Alan Percy Cunliffe (1864–1942), a landowner and racehorse enthusiast, married the actress Malvina Longfellow in 1940.

Banker

Beginning his banking career in 1880, Cunliffe co-established the merchant bank Cunliffe Brothers alongside his brothers Arthur Robert and Leonard Daneham in 1890. This enterprise merged with Frühling & Göschen in 1920 to become Goschens & Cunliffe, which eventually collapsed in 1939.

Joining the Bank of England's board in 1895, Cunliffe ascended to Governor in 1913. During his tenure, he collaborated with Chancellors David Lloyd George, Reginald McKenna, and Bonar Law. Early in the First World War, he played a critical role in stabilizing financial markets by preventing both the suspension of gold payments and the withdrawal of foreign securities. In December 1914, he was ennobled as Baron Cunliffe of Headley, Surrey. In 1917, he took part in the Balfour Mission, aiming to strengthen US-UK wartime cooperation.

Awarded the Knight Grand Cross of the Order of the British Empire in June 1917, Cunliffe later encountered disputes with Bonar Law concerning Treasury efforts to uphold the pound’s exchange rate. He declared his intention to retire in November 1917 and officially resigned in March 1918.

Known for his conservative approach, Cunliffe introduced one of the Bank’s earliest dress codes for female employees, underscoring strict professional standards.

Beyond banking, he served as a director of the North Eastern Railway starting in 1905 and joined the board of the P. & O. Line in November 1919. His international recognitions included France’s Commander rank of the Légion d'honneur, Japan’s Grand Cordon of the Order of the Rising Sun, and Russia’s first-class Order of St. Anna.

Cunliffe was reputed for a harsh manner and domineering attitude that strained his relationships with Chancellors McKenna and Bonar Law. His overbearing conduct generated internal discord at the Bank; by late 1916, efforts were underway among colleagues to remove him. In November 1917, directors successfully appointed Brien Cokayne as Governor and Montagu Norman as Deputy Governor, effectively concluding Cunliffe’s leadership. Despite mounting an unsuccessful campaign to overturn this outcome, he endured public embarrassment and permanent exclusion from executive roles.

Cunliffe Committee

During his governorship at the Bank of England, Cunliffe chaired what became known as the Cunliffe Committee, which provided recommendations for Britain’s economic adjustment after the war. The committee’s 1918 report stressed the critical need to reestablish conditions favorable to maintaining a robust gold standard. Prior to this committee’s establishment, Cunliffe had expressed skepticism toward the young John Maynard Keynes, questioning Keynes’s practical expertise regarding exchange rates and commercial affairs.

Personal life

In 1880, Cunliffe inherited the Headley Court estate, encompassing 300 acres, from his father with the stipulation that he enter the banking industry instead of continuing in agriculture. He undertook significant renovations of the property in 1898, engaging architect Edward Prioleau Warren and artisan Lawrence Turner to oversee the interior design. The family's wealth was initially established by his grandfather, James Cunliffe, through his involvement in developing the North Eastern Railway.

Cunliffe's first marriage was to Mary Agnes Henderson in 1890; she passed away in 1893. He remarried in 1896 to Edith Cunningham Boothby, and together they had six children. Among them, his son Geoffrey wed actress Barbara Waring. Walter Cunliffe passed away from septicaemia at Headley Court on 6 January 1920. His noble title was subsequently inherited by his son Rolf.

References

• "Interim Report of the Cunliffe Committee, 1918" World Gold Council, Accessed 6 March 2006.
• "Tyrrells Wood Golf Club - Club History - The People", Accessed 8 March 2006.
• Cunliffe, Walter Cunliffe, 1st Baron, Encyclopædia Britannica, Accessed 8 March 2006.
• Peden, George. "The Treasury and the City, 1901-c.1960", University of Durham website, Accessed 8 March 2006.