UK PM Liz Truss picks ‘safe’ new Treasury chief in surprise appointment
- Appointment of James Bowler, who has 20 years experience in the Treasury, was a surprise after reports PM Truss wanted someone new to help end the ‘orthodoxy’
- The removal of his predecessor broke British convention and came soon before a string of unfunded tax cuts that caused turmoil in financial markets
Britain’s government on Monday named an experienced Treasury official as the finance ministry’s new top civil servant, after unsettling investors last month by abruptly ousting his predecessor.
James Bowler will become permanent secretary to the Treasury. He replaces Tom Scholar whose departure soon after Kwasi Kwarteng became finance minister contributed to a drop in confidence among investors since Liz Truss took over as prime minister.
The removal of Scholar broke the British convention that non-partisan officials remain in post after a change of political leadership. It came soon before Kwarteng announced a string of unfunded tax cuts that caused turmoil in financial markets.
Earlier on Monday, Kwarteng brought forward the date for his next fiscal statement to October 31 from November 23, largely in response to financial market disquiet at the lack of official forecasts for growth and borrowing alongside the September 23 event.
Truss said during her campaign to become leader of the governing Conservative Party that she wanted to end the “Treasury orthodoxy” she said was holding back radical reforms.
Bowler, whose most recent job was as the top official at the trade ministry, where Truss was recently minister, has more than 20 years of experience at the Treasury where he oversaw policy areas including the budget, spending and tax policy.