The Bank of England has appointed top global economist Clare Lombardelli as its deputy governor for monetary policy.
Ms Lombardelli, who grew up in Stockport, Greater Manchester, is currently the chief economist for the Organisation for Economic Co-operation and Development (OECD) and was previously a senior official at the Ƶ Treasury. She will replace Ben Broadbent when she takes over the role from July 1, for a term lasting five years.
She will also join the nine-person Monetary Policy Committee (MPC), which is responsible for setting Ƶ interest rates. The Bank's governor Andrew Bailey said Ms Lombardelli will be joining the institution “at a time of great importance for the Ƶ economy”.
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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. He said: "Clare brings significant experience to the role tackling financial and economic issues both domestically and internationally."
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 role will involve overseeing how the Bank decides and implements monetary policy and leading its research, data and analytics.
She joined the OECD from her role as chief economic advisor to the Treasury, which she held for five years, having started her career at the Bank of England. She grew up in Stockport, going to Hazel Grove High School and Acquinas Sixth Form College.
The Bank said that Ms Lombardelli would lead its response to Ben Bernanke’s review of the Bank’s forecasting process, as well as being responsible for its research agenda. She will represent the Bank on a number of national and international bodies.
