Bank of England names top global economist Clare Lombardelli as deputy governor

Ms Lombardelli will replace Ben Broadbent as deputy governor for monetary policy from July 1.

The Bank of England has appointed top global economist Clare Lombardelli as its deputy governor for monetary policy (Yui Mok/PA) (PA Wire)

The Bank of England has appointed top global economist Clare Lombardelli as its deputy governor for monetary policy.

Ms Lombardelli is currently the chief economist for the Organisation for Economic Co-operation and Development (OECD) and was previously a senior official at the UK Treasury.

She will replace Ben Broadbent when she takes over the role from July 1, for a term lasting five years.

She will also join the nine-person Monetary Policy Committee (MPC), which is responsible for setting UK interest rates.

The Bank’s governor, Andrew Bailey, said Ms Lombardelli will be joining the Bank “at a time of great importance for the UK economy”.

Clare brings significant experience to the role tackling financial and economic issues both domestically and internationally

Chancellor Jeremy Hunt

Chancellor Jeremy Hunt, who led the appointment with the Prime Minister and with the approval of the King, said he was “delighted” by the move.

“Clare brings significant experience to the role tackling financial and economic issues both domestically and internationally,” he said.

He also thanked Mr Broadbent for his decade of service in the position, adding: “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.”

The MPC has three deputy governor positions, for monetary policy, financial stability and markets and banking.

Ms Lombardelli’s role will involve overseeing how the Bank decides and implements monetary policy and leading its research, data and analytics.

She joined the OECD from her role as chief economic advisor to the Treasury, which she held for five years, and started her career at the Bank of England.