The former top civil servant at the Treasury is in talks to join the board of bank lobbying giant UK Finance less than 18 months after leaving government, according to reports.
Lord Macpherson will join UK Finance subject to approval from the government’s Advisory Committee on Business Appointments (Acoba) for the appointment, Sky News reported today.
The former permanent secretary to the Treasury, until March of last year, has already been approved by Acoba as a non-executive director at property developer British Land and Scottish American Investment Trust, as well as chairman of private bank C Hoare and Co.
Government mandarins are usually banned from lobbying the government for at least two years after leaving office, while there are usually restrictions on the use of privileged information gleaned while working for the civil service.
The role would make Nick, now Lord Macpherson a top figure at one of the City’s most important lobbyists, after an extended stint at the department most intimately involved in its governance.
Macpherson served at the Treasury from 2008 until last year, in a period during which the government was preoccupied with fighting the effects of the financial crisis. He served under two chancellors: Alistair Darling and George Osborne.
During that time the role of government in regulation of banking was a central topic. The Treasury gave the Bank of England responsibility for the oversight of the UK’s financial stability from April 2013 onwards.
Macpherson has also proven himself to have strong views on monetary policy, suggesting earlier this week that quantitative easing is “like heroin”, and saying that major central banks should “move on” from the unorthodox stimulus measures.
He would join other City luminaries on the board, including former Financial Conduct Authority head of enforcement Tracey McDermott and the chief executives of the UK arms of Barclays and HSBC, Ashok Vaswani and Ian Stuart.
UK Finance replaced the British Bankers’ Association and other lobby groups as a single voice representing the City’s disparate financial sectors.