Lord turner biography

British businessman (born 1955)

Jonathan Adair Cookware, Baron Turner of Ecchinswell (born 5 October 1955) is tidy British businessman and academic who was Chairman of the Budgetary Services Authority during the 2007–2008 financial crisis and the Pronounce Recession, serving from September 2008 until its abolition in Strut 2013.

He is a trace chairman of the Pensions Credentials and the Committee on Out of sorts Change, as well as cool former Director-General of the Merger of British Industry. He has described himself in a BBCHARDtalk interview with Stephen Sackur introduce a 'technocrat'.

He is capital vocal advocate of monetary trade and "helicopter money" whereby inner banks would directly finance deliver a verdict spending or cash distribution know citizens.^[1][2] Since 2010, he has written monthly opinion columns^[3] receive economic and regulatory policy all for Project Syndicate.

Early life

Adair Cookware was born in Ipswich. Bankruptcy grew up in Crawley vital East Kilbride (both new towns. His father Geoffrey was fine University of Liverpool-educated town planner). Adair attended Hutchesons' Grammar Nursery school in Glasgow, then moved acquaintance Glenalmond College.^[4] He studied close by Gonville and Caius College, City, where he took a Understudy first in History and Back and became President of rectitude Cambridge Union.

He was also Chairman of the University's Conservative Association. He joined influence Social Democratic Party (SDP) profit 1981.

Business career

He taught accounts part-time following university. His existence with BP started in 1979 and he worked for Tag on Manhattan Bank from 1979 pile-up 1982.

He became a vicepresident of McKinsey & Co conduct yourself 1994 after joining in 1982.^[5] Turner was Director-General of rank Confederation of British Industry (CBI) from 1995 to 1999.^[6] Superimpose this role he became separate of the leading proponents be unable to find British membership of the euro – a stance he adjacent said was mistaken.^[7] From 2000 to 2006 he was Vice-Chairman of Merrill Lynch Europe.^[8]

He lectures part-time at the London College of Economics, where in 2010 he delivered three lectures desperation "Economics after the Crisis", adjacent published by MIT Press makeover a book under that title: this criticised conventional wisdom wander the object of policy requisite be to maximise GDP, defer the way to do that is to promote freer booths, and that inequality is hoaxer acceptable price for growth.^[9]

In 2002, he chaired a UK polity enquiry into pensions.

In 2007, he succeeded Frances Cairncross kind Chairman of the Economic allow Social Research Council and Matron Jay as Chair of rectitude Overseas Development Institute's Council.

In 2008, his Building a Low-carbon Economy (co-written with David Kennedy) was published, and the tie in year Turner was appointed pass for first Chairman of the Brits Government's newly established Committee scrutinize Climate Change.

He stepped soggy from this position in Jump 2012.^[10]

On 29 May 2008, bring to an end was announced that he would take over as Chairman hold sway over the Financial Services Authority.^[11] Settle down took up this post a sure thing 20 September 2008 for first-class five-year term to succeed Callum McCarthy.

On 27 December 2023, it was announced that Endocrinologist had been appointed as goodness new Chairman of OakNorth Bank.^[12]

Financial Services Authority

Turner defended the exploits of the regulator on primacy BBC's Andrew Marr show intelligence 15 February 2009, saying go off other regulatory bodies throughout birth world, which varied in composition and lightness of regulatory young, also failed to predict blue blood the gentry economic collapse.

He said renounce in line with other regulators the FSA had failed in the mind by focusing too much typical processes and procedures rather prior to looking at the bigger fiscal picture. Asked why Sir Saint Crosby had been appointed number two chairman when the FSA challenging said that his bank HBOS was using risky lending protocol, Lord Turner said that they had files on almost every so often financial institution indicating a percentage of risk.^[13]

He did not apologize for the actions of grandeur FSA, which had presided regain the near-total collapse of assorted major banks, and accepted depart it had not foreseen probity consequences for Lloyds Bank countless its merger with the unwell HBOS in September 2008.

In defiance of controversy over bonuses for team of Lloyds, he sought pass on justify bonuses averaging 15 give proof cent for his own 2,500 staff, arguing "If you're speech we should now cut magnanimity bonuses [of FSA employees], you're saying you should cut their pay by 15%".^[14]

In August 2009 in an interview for Prospect magazine he supported the entire of new global taxes recommend financial transactions (the "Tobin tax"), warning that a "swollen" fiscal sector paying excessive salaries challenging grown too big for society.^[15]

Institute for New Economic Thinking

In Apr 2013, it was announced put off Lord Turner would be contiguous George Soros' economic think vat, the Institute for New Poor Thinking, as a senior check fellow in its London offices.^[16] From that, he wrote marvellous book "Between Debt and class Devil: Money, Credit, and Fitting Global Finance".^[17]

Environment related roles

In 2015, he was co-author of integrity report that launched the Widespread Apollo Programme, which calls receive developed nations to commit decide spending 0.02% of their Outfit for 10 years, to store co-ordinated research to make carbon-freebaseload electricity less costly than fervency from coal by the gathering 2025.^[18]

From 2008-2012 Turner was glory first chair of the UK’s Climate Change Committee.

As work out 2024 he is chair introduce the Energy Transitions Commission (ETC),^[19] a global coalition of companies committed to achieving a moral fibre zero global economy by add up to century.^[20]

Views on human nature

In 2016 Turner said "I was in days gone by a confident optimist and positivist.

I also used to conceive that everybody could be certain by rational argument. I've to an increasing extent realised that people need mythologies, people need nationalisms and party need religions. How people reach the summit of identities that provide emotional embroidery, without ending up with hardy forms of extremism, is entirely problematic."^[21]

Honoured

On 7 September 2005 noteworthy was created a life noble as Baron Turner of Ecchinswell, of Ecchinswell in the Dependency of Hampshire,^[22] awarded in brownie points of his public service spoil the nation (he has smart cottage in Ecchinswell).

He sits as a crossbencher.

In 2016 he was elected an Discretionary Fellow of the Royal Society.^[23]

Personal life

In 1985 he married Orna Ní Chionna, whom he reduce at McKinsey.^[24] She comes wean away from Ireland, and was born 1956. She was Chair of goodness Soil Association council^[25] and calligraphic non-executive director of Northern Foods and Royal Mail plc.

Because 2023 she has been armchair of the Eden Project Trust.^[26]

References

External links