Jon Cunliffe

Charged with monitoring and mitigating systemic threats, has taken a lead role in assessing how innovations in payments and tokenisation could transmit shocks to the sterling system. Work on systemic resilience, resolution planning for critical market infrastructures, and contingency liquidity facilities affects the resilience premium priced into GBP assets and the willingness of banks and non‑bank market makers to provide on‑chain and off‑chain liquidity. Public statements and guidance from the Deputy Governor’s office shape counterparty behaviour during stress events: explicit recognition of risks tied to stablecoins or crypto-market linkages reorients interbank and dealer risk tolerances, margining practices and collateral acceptability. In practical terms, frameworks developed under this remit determine whether commercial firms perceive credible central bank backstops for GBP settlements executed via distributed ledgers, influencing product design for GBP tokens, custody arrangements and the speed at which institutional participants allocate balance‑sheet capacity to crypto‑native GBP activities. By steering prudential stress-testing and crisis playbooks with an eye on payment-system interoperability and settlement finality, the office materially conditions both the supply of short-term GBP liquidity and the market architecture that supports tokenised sterling.