Treasury Committee approves Clare Lombardelli’s appointment as Deputy Governor for Monetary Policy at the Bank of England

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• Inquiry: Appointment of Clare Lombardelli as Deputy Governor for Monetary Policy, Bank of England
• Treasury Committee

In the new role, Ms Lombardelli will succeed Dr Ben Broadbent in leading the Bank of England’s work on monetary policy. She will sit on the Monetary Policy Committee, the Financial Policy Committee and the Court of the Bank of England.  

The Chancellor announced the appointment in February, with Ms Lombardelli due to begin in the role on Monday 1 July 2024. She currently serves as Chief Economist at the Organisation for Economic Co-operation and Development (OECD).  

The Committee held a pre-commencement hearing on Tuesday 16 April and, in a new report published today, outlines it is satisfied that Clare Lombardelli has the appropriate professional competence and personal independence for the role.  

In the session, MPs discussed Ms Lombardelli’s view on topics including her responsibility to lead the implementation of changes recommended by Dr Ben Bernanke in his recently-published review. The Committee also asked for Ms Lombardelli’s views on current risks to global financial stability, the prospects for a cut in Bank Rate, and the risk of ‘groupthink’ at the Bank. 

The Committee wishes Clare Lombardelli every success in the role and looks forward to taking evidence from her in the future.  

Further information

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