Former Treasury permanent secretary Sir Tom Scholar who was sacked by Liz Truss could become the new chairman of Santander UK, according to a report.
Sir Tom, who helped devise the Covid-19 furlough job protection scheme, is the preferred candidate for chairmanship of Britain’s fifth-biggest high street bank, Sky News is reporting.
He could be set to replace the current chairman William Vereker at the Spanish banking giant, subject to regulatory approval, as soon as later this spring, Sky said.
Scholar played a key role during the 2008 financial crisis in leading the UK’s response to the global financial crash, and his potential new job comes amid ongoing speculation about Santander UK’s future, including rumours of a potential sale.
Santander entered the British market in 2004, and has since become a rival to Barclays, Lloyds Banking Group and NatWest Group.
Baroness Vadera, a former Treasury minister, and Lord Burns, a former Treasury permanent secretary, have both previously been ex-senior public officials who have chaired Santander UK.
While Scholar was sacked from the civil service during the ill-fated Truss premiership, which sparked fury among mandarins, and saw him receive a payout of over £350,000.
Since his exit from government, he has been made chairman of the European operations of Japanese bank Nomura.
Santander UK said in a statement issued to Sky News: “Santander UK is conducting a thorough appointment process.
“The new chair will be announced once that process has concluded, including having obtained board and regulatory approval.”
