Women are now in the majority at the top of the Bank of England as Lombardelli is appointed deputy governor
Following the appointment of a new deputy governor, women will be a majority on the Bank of England’s powerful Monetary Policy Committee (MPC) for the first time in its 329-year history.
Threadneedle Street said yesterday that Clare Lombardelli (pictured), chief economist at international think tank the OECD, will join the interest rate panel from July.
Five of the nine positions in the MPC are now filled by women for the first time. Susannah Streeter, head of money and markets at Hargreaves Lansdown, said: ‘The appointment sends a strong message about the Bank’s commitment to gender equality and is a much-needed boost for women’s representation, especially at a time when concerns about sexism in the city exists. are widespread.
“It’s very refreshing that for the first time there will be a majority of women, and it goes some way to redressing the imbalances elsewhere in the city.”
The other four women on the MPC are deputy governor for financial stability Sarah Breeden, professor Swati Dhingra at the London School of Economics, Megan Greene, a senior fellow at Brown University in the US, and US economist Catherine Mann.
Key role: Clare Lombardelli (photo), chief economist at the OECD, will sit on the Bank of England’s interest rate panel from July
They sit alongside Governor Andrew Bailey, Chief Economist Huw Pill, Jonathan Haskel and Sir Dave Ramsden.
Alesha De-Freitas, head of policy at gender equality charity Fawcett Society, added: ‘It is excellent news that the MPC is now majority female β especially when the economics profession remains male-dominated.
βThe women will not only bring their vast expertise and experiences in the economy, they will also bring their lived experience of the economy, which will lead to better decisions.β
The city is under new scrutiny after controversies last year, including scandals at the Confederation of British Industry, allegations against hedge fund manager Crispin Odey and the departure of BP chief executive Bernard Looney over “serious misconduct” in relationships with colleagues.
Lombardelli will lead the response to a report by former US Federal Reserve Chairman Ben Bernanke on the Bank’s economic forecasts.
She was previously chief economic adviser to the Ministry of Finance and worked at the International Monetary Fund. She will succeed Ben Broadbent as deputy governor of monetary policy.
Bank Governor Andrew Bailey said: βI am very pleased to welcome Clare Lombardelli back to the Bank.
She brings a huge amount of relevant experience and expertise to the MPC, and to the Bank more broadly, at a time of great importance to the UK economy.
Chancellor of the Exchequer Jeremy Hunt said: βI am delighted to appoint Clare Lombardelli.
‘Clare brings significant experience to the role in tackling financial and economic issues, both domestically and internationally.’