The Chancellor has announced that Clare Lombardelli will succeed
Ben Broadbent as the next Deputy Governor for Monetary Policy
(DGMP)
at the Bank of England.
His Majesty The King has approved the appointment.
Clare will take up her role at the Bank on 1 July 2024 for a
term lasting five years.
As the new Deputy Governor for Monetary Policy, Clare will be
responsible for overseeing the formulation and implementation of
UK monetary policy and will lead the Bank’s research, data and
analytics. Clare will be a member of the Monetary Policy
Committee, the Financial Policy Committee, the Court of the Bank
of England, and will be part of the Executive Team charged with
running the Bank to deliver its statutory objectives.
Clare will lead the actions in response to Ben Bernanke’s review
of the Bank’s forecasting process, commissioned by the Bank’s
Court of Directors. She will also be responsible for the
Bank’s research agenda; will drive forward, jointly with the
Bank’s Chief Operating Officer, an ambitious new data and
analytics strategy; and will lead the Centre for Central
Banking Studies that works closely with other parts of the UK
Government to provide technical assistance to overseas central
banks. Clare will represent the Bank on a number of national and
international bodies.
Clare will succeed Ben Broadbent, who has served since 2014.
, Chancellor of the Exchequer,
said:
“I am delighted to appoint Clare Lombardelli as the next Deputy
Governor for Monetary Policy at the Bank of England. Clare brings
significant experience to the role tackling financial and
economic issues both domestically and internationally.
“I would like to thank Ben for his decade of service as Deputy
Governor of Monetary Policy at the Bank of England. 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.”
Andrew Bailey, Governor of the Bank of England, said:
“I’m really pleased to welcome Clare Lombardelli back to the Bank
as Deputy Governor for Monetary Policy. Clare’s impressive career
means she brings a huge amount of relevant experience and
expertise to the Monetary Policy Committee, and the Bank more
broadly, at a time of great importance for the UK economy.
“I would also like to thank Ben Broadbent for his service. He
will be missed, and all at the Bank wish him the very best for
the future.”
About the appointment
The Bank of England is the central bank of the UK. It is governed
by the board of directors known as the Court. Further information
can be found at the Bank of
England website.
The Deputy Governor for Monetary Policy is appointed by His
Majesty the King, on the recommendation of the Prime Minister and
the Chancellor of the Exchequer.
The role is subject to pre-commencement scrutiny by the Treasury
Select Committee.
Public appointments are made on merit following a fair and open
competition process.
About Clare Lombardelli
Clare is the Chief Economist of the OECD
where she is responsible for economic research and forecasting,
analysis of OECD
member and partner countries and represents the organisation at
the G20, G7 and other international bodies. Prior to this,
Clare was the Chief Economic Advisor to the Treasury and joint
head of the Government Economic Service. Clare started her
career at the Bank of England and has also worked at the
International Monetary Fund.
Footnotes
Appointees to the Bank’s Court and policy committees are required
to abide by the relevant
codes of conduct. Appointees are also required to declare any
relevant outside interests they may possess, which the Bank has
published since 2023 on the public
register of interests.
