New Bank of England deputy governor

Bank of England Sir Jon Cunliffe will replace outgoing deputy governor Paul Tucker

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The Bank of England has announced that Sir Jon Cunliffe has been appointed its deputy governor with responsibility for financial stability, starting on 1 November 2013.

He will play a crucial role in ensuring the safety and stability of the UK's financial sector, the Bank said.

Governor Mark Carney said Sir Jon was "an outstanding public servant, with vast experience".

"He brings an important European and international perspective," he added.

Chancellor George Osborne said Sir Jon Cunliffe would be "an outstanding deputy governor".

"Sir Jon will be instrumental in ensuring the success of the Bank's enhanced responsibilities for financial stability," Mr Osborne added. "His deep experience in engaging with the European Union will be instrumental in ensuring Britain's financial services are well represented and protected."

EU experience

Sir Jon has been the UK's permanent representative to the EU since January 2012.

In that role, he dealt with policy issues including negotiations on the EU's plans for banking union.

Before that, he was the prime minister's adviser on Europe and global economic issues.

Sir Jon has been appointed for a five-year term, which can be renewed for a further five years.

He will sit on the Bank's Court of Directors, the Financial Policy Committee, the Monetary Policy Committee (MPC) and the board of the Prudential Regulation Authority,

He will also represent the Bank on a number of national and international bodies.

He replaces Paul Tucker, who announced last month that he would be stepping down from his post in the autumn.

The Bank also announced on Friday that Mr Tucker is to become a senior fellow at Harvard Business School in Boston. He joins the US university in October.

BBC business editor Robert Peston describes Sir Jon as "Mr Europe" and a "very experienced mandarin".

Our business editor says the appointment shows the Treasury is worried at the way in which the UK is always outvoted on EU financial matters by eurozone members.

Leading economist and former MPC member David Blanchflower hailed the appointment in a tweet, saying: "Excellent appointment of Jon Cunliffe - who I know & respect - as Deputy Governor to replace Tucker - good for Carney."

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