In a major move from the Bank of England, Clare Lombardelli has been appointed Deputy Governor of Monetary Policy (DGMP), succeeding Ben Broadbent. Approved by His Majesty the King, Clare will take up her duties later this summer, bringing with her a wealth of experience and expertise in both domestic and international economic affairs.
New Leadership Era With Clare Lombardelli
The appointment of Clare Lombardelli marks a pivotal moment in the Bank of England's leadership landscape. She will oversee the implementation of monetary policy in the UK and provide leadership for the Bank’s research and data analytics functions. She will sit on the Monetary Policy Committee, the Financial Policy Committee and the Court of the Bank of England. Lombardelli will also lead the Bank’s response to the review of its forecasting process conducted by Ben Bernanke.
The Chancellor of the Exchequer, Jeremy Hunt, has announced the appointment of Clare Lombardelli as the successor to Ben Broadbent, the outgoing Deputy Governor for Monetary Policy. Lombardelli will take up the role on 1 July 2024.
I am delighted with the appointment of Clare Lombardelli as the next Deputy Governor for Monetary Policy at the Bank of England. Clare brings significant experience to the role, having worked on financial and economic issues both domestically and internationally
Governor Andrew Bailey added:Â "Clare's impressive career means that she brings a huge amount of relevant experience and expertise to the Monetary Policy Committee and the Bank more widely at a time of great importance for the UK economy".
The appointment of the Deputy Governor for Monetary Policy follows a meticulous process overseen by His Majesty the King and involving recommendations from key government figures. It reflects a commitment to meritocracy and transparency in public appointments.
What is it that Qualifies Lombardelli for this Role?
With over 20 years' experience in both the public and private sectors, Clare Lombardelli brings a wealth of expertise to her new role as Deputy Governor for Monetary Policy.
Currently, Lombardelli is the Chief Economist at the OECD, where she oversees economic research and forecasting for OECD member countries. Prior to this, she was Chief Economic Adviser to the Treasury and Joint Head of the Government Economic Service. Having started her career at the Bank of England, Lombardelli has a long-standing familiarity with the institution and its objectives.
Proven Leadership Abilities
In her function at the OECD, Lombardelli represents the organisation at high-level international meetings, including the G20 and G7 summits. She has demonstrated her ability to operate effectively on a global scale by collaborating with policymakers and economists worldwide.
Joining the Bank of England, Lombardelli will be a member of the Monetary Policy Committee and the Financial Policy Committee, bringing her management experience to bear on the Bank's decision-making.
Additionally, Lombardelli's appointment is timely, as the Bank aims to improve its forecasting and data capabilities. She will lead the Bank's response to Ben Bernanke's review of the forecasting process and jointly drive a new data and analytics strategy with the Chief Operating Officer.