Bank of England apppoints new deputy governor for monetary policy

Clare Lombardelli will succeed Ben Broadbent as the next deputy governor for monetary policy at the Bank of England.

Clare will take up her role at the Bank on 1st July 2024 for a term lasting five years.

In her role, 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 is currently the chief economist of the OECD where she is responsible for economic research and forecasting and represents the organisation at the G20, G7 and other international bodies.

Prior to this, Clare was 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.

Jeremy Hunt, 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 for 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.”