PRESS RELEASE : Clare Lombardelli appointed as Deputy Governor for Monetary Policy at The Bank Of England [February 2024]

The press release issued by HM Treasury on 29 February 2024.

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.

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 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.