The Bank of England has appointed Clare Lombardelli as deputy governor for Monetary Policy.
Lombardelli will succeed Ben Broadbent on 1 July for a five-year term. She is currently the chief economist at the Organisation for Economic Co-operation and Development.
The policymaker will be responsible for overseeing the country’s monetary policy and will lead the central bank’s research, data and analytics.
Lombardelli will become a member of its nine-member rate-setting Monetary Policy Committee, the Financial Policy Committee and the Court of the Bank of England.
She will also become part of the executive team charged with ensuring the Bank delivers its “statutory objectives”, a key plank of which is keeping inflation at 2%. UK inflation is currently 4%, while the base rate is 5.25%.
The economist will also lead the response to former Federal Reserve chair Ben Bernanke’s review of the Bank’s forecasting and guidance policies, expected in the Spring.
Lombardelli has been chief economist at the OECD since May 2023, and is responsible for economic research and forecasting. She represents the organisation at the G20, G7 and other international groups.
Prior to this, she was the chief economic advisor to the Treasury and joint head of the Government Economic Service, which she began in 2005.
Clare started her career at the Bank of England and has worked at the International Monetary Fund as well as the private secretary for economic affairs in 10 Downing Street.
Chancellor Jeremy Hunt says: “Clare brings significant experience to the role tackling financial and economic issues both domestically and internationally.”
Bank of England governor Andrew Bailey adds: “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.”
Broadbent, the current deputy governor for monetary policy, has served at the Bank since 2014.
