Renowned Economist Clare Lombardelli Appointed Deputy Governor for Monetary Policy at Bank of England

Clare Lombardelli

The Chancellor recently announced the appointment of Clare Lombardelli 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.

In her capacity as the Deputy Governor for Monetary Policy, Clare Lombardelli will play a pivotal role in guiding the formulation and implementation of UK monetary policy. She will lead the Bank’s research, data, and analytics efforts and serve as a member of key committees, including the Monetary Policy Committee and the Financial Policy Committee. Additionally, Clare will be part of the Executive Team entrusted with the Bank’s operational leadership to fulfill its statutory objectives. 

One of Clare’s significant responsibilities will be overseeing the Bank’s response to Ben Bernanke’s review of its forecasting process. This review, commissioned by the Bank’s Court of Directors, aims to enhance forecasting procedures. Clare will also spearhead the Bank’s research agenda, drive a new data and analytics strategy in collaboration with the Chief Operating Officer, and lead the Centre for Central Banking Studies, offering technical assistance to overseas central banks in coordination with the UK Government. 

Clare Lombardelli brings a wealth of experience, having addressed financial and economic challenges both domestically and internationally throughout her distinguished career. Her appointment comes at a crucial juncture for the UK economy, and her role is instrumental in maintaining monetary and financial stability. 

Expressing his delight at the appointment, Chancellor Jeremy Hunt stated, “Clare brings significant experience to the role tackling financial and economic issues both domestically and internationally.” He extended gratitude to outgoing Deputy Governor Ben Broadbent, recognizing his decade of service and pivotal contributions to monetary and financial stability. 

Governor Andrew Bailey welcomed Clare Lombardelli back to the Bank, emphasizing her impressive career and expertise. He acknowledged Ben Broadbent’s service and expressed gratitude for his contributions while wishing him the best in his future endeavors. 

The appointment of Clare Lombardelli signifies a strategic move to fortify the Bank’s leadership team and navigate the complex economic landscape, reinforcing its commitment to achieving monetary and financial objectives.

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