OECD's Lombardelli named BoE deputy governor

(Sharecast News) - The Bank of England has appointed OECD chief economist Clare Lombardelli a deputy governor, it was announced on Thursday. Lombardelli will replace Ben Broadbent on 1 July, when his latest five-year term ends.

She will be responsible for the formulation and implementation of the UK monetary policy, the government said, lead research, data and analytics and sit on the rate-setting Monetary Policy Committee.

Chancellor Jeremy Hunt said: "Clare brings significant experience to the role tackling financial and economic issues both domestically and internationally."

BoE governor Andrew Bailey said: "Clare's impressive career means she brings a huge amount of relevant experience and expertise to the MPC and the Bank more broadly."

Before joining the OECD last year, Lombardelli was chief economic advisor to the Treasury and joint head of the Government Economic Service.

She has worked for government since 2005, having started her career as a BoE economist.

Broadbent has been deputy governor since 2014.