Bank of England appoints top economist as deputy governor for monetary policy

29 February 2024 , 14:56

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The Bank of England has appointed top global economist Clare Lombardelli as its deputy governor for monetary policy (Image: PA Wire/PA Images)

The Bank of England has named top global economist Clare Lombardelli as its new deputy governor for monetary policy.

Currently, Ms Lombardelli is the chief economist for the Organisation for Economic Co-operation and Development (OECD) and was previously a senior official at the UK Treasury. She will take over from Ben Broadbent starting from July 1, for a term lasting five years.

She will also become part of the nine-person Monetary Policy Committee (MPC), which is in charge of setting UK interest rates. Andrew Bailey, the Bank's governor, said that Ms Lombardelli will be joining the Bank "at a time of great importance for the UK economy".

Chancellor Jeremy Hunt, who led the appointment with the Prime Minister and with the approval of the King, said he was "delighted" by the move. "Clare brings significant experience to the role tackling financial and economic issues both domestically and internationally," he said.

He also thanked Mr Broadbent for his decade of service in the position, adding: "Ben has played a vital role in helping the Bank maintain monetary and financial stability and I wish him the best in the next stage of his career." The MPC has three deputy governor positions, for monetary policy, financial stability and markets and banking. Ms Lombardelli's job will be to oversee how the Bank makes and puts into action its monetary policy, as well as leading its research, data and analytics.

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She moved to the OECD from her position as chief economic advisor to the Treasury, a role she held for five years. She started her career at the Bank of England.

Lawrence Matheson