Clare Lombardelli Named Deputy Governor for Monetary Policy at the Bank of England

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Clare Lombardelli has been appointed as the next Deputy Governor for Monetary Policy (DGMP) at the Bank of England, succeeding Ben Broadbent. The appointment, approved by His Majesty The King, will see Clare assume her role on 1 July 2024, for a term lasting five years. As Deputy Governor for Monetary Policy, Clare will oversee the formulation and implementation of UK monetary policy and lead the Bank’s research, data, and analytics efforts. She will serve as a member of various key committees within the Bank, including the Monetary Policy Committee and the Financial Policy Committee, while also being part of the Executive Team responsible for running the Bank to achieve its statutory objectives. Clare will lead the Bank’s response to Ben Bernanke’s review of its forecasting process, drive the research agenda, and spearhead a new data and analytics strategy in collaboration with the Bank’s Chief Operating Officer.

Additionally, she will lead the Centre for Central Banking Studies, which provides technical assistance to overseas central banks, and represent the Bank on numerous national and international bodies. Jeremy Hunt, Chancellor of the Exchequer, expressed his delight at Clare’s appointment, highlighting her significant experience in handling financial and economic issues both domestically and internationally. He also thanked Ben Broadbent for his decade of service as Deputy Governor. Andrew Bailey, Governor of the Bank of England, welcomed Clare Lombardelli’s appointment, emphasizing her extensive career and expertise, which will be invaluable to the Bank, especially during this crucial period for the UK economy. He also expressed gratitude to Ben Broadbent for his service and wished him the best for the future. Clare Lombardelli currently serves as the Chief Economist of the OECD, responsible for economic research, forecasting, and analysis of member and partner countries. She previously held the position of Chief Economic Advisor to the Treasury and has worked at institutions such as the International Monetary Fund and the Bank of England, where she began her career.