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Clare Lombardelli named deputy governor of Bank of England

Clare Lombardelli named deputy governor of Bank of England

Clare Lombardelli named deputy governor of Bank of England
Feb 29, 2024 1 min, 5 secs

Hunt said Lombardelli would also lead the response to recommendations expected next month from the former US Federal Reserve chair Ben Bernanke to improve the Bank’s forecasting process, as well as overseeing monetary policy.

Several Conservative MPs, including the chair of the all-party Treasury committee, Harriett Baldwin, have said the Bank carried some of the blame for allowing inflation to rise to its highest level in 40 years after delays to interest rate increases.

Jagjit Chadha, the director of the National Institute for Economic & Social Research, wrote last year in the Financial times that Threadneedle Street was “increasingly providing a kind of retirement home for former Treasury officials”.

While at No 10, she gained first-hand experience of the debt crisis spreading across southern Europe while seconded to the International Monetary Fund where she was part of a team based in the Greek finance ministry to monitor bailout terms during 2010 and 2011.

Known as one of the architects of austerity alongside Osborne’s colleague Rupert Harrison, Lombardelli later took up a more senior role as Treasury chief economist under the Conservative chancellors Philip Hammond, Sajid Javid and Rishi Sunak.

Clare’s impressive career means she brings a huge amount of relevant experience and expertise to the MPC, and the Bank more broadly, at a time of great importance for the UK economy.”

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