Women will be in the majority on the powerful Monetary Policy Committee (MPC) at the Bank of England for the first time in its 329-year history after the appointment of a new deputy governor.
Threadneedle Street yesterday said Clare Lombardelli (pictured), chief economist at international thinktank the OECD, will sit on the interest rate-setting panel from July.
Five of the nine positions on the MPC will now be filled by women for the first time. Susannah Streeter, head of money and markets at Hargreaves Lansdown, said: ‘The appointment sends a powerful message about the Bank’s commitment to gender equality and it’s a much-needed boost for female representation, especially at a time when concerns about sexism in the City are rife.
‘It’s highly refreshing that there will be a majority of women for the first time, and 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, London School of Economics professor Swati Dhingra, Megan Greene, a senior fellow at Brown University in the US, and American economist Catherine Mann.
Key role: Clare Lombardelli (pictured), chief economist at the OECD, will sit on the Bank of England’s interest rate-setting 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’s excellent news that the MPC is now majority female – particularly when the economics profession remains dominated by men.
‘The women will not only be bringing their huge expertise and experiences working in economics, they will be bringing their lived experience of the economy, leading to better decisions.’
The City is under fresh scrutiny after controversies last year including scandals at the Confederation of British Industry, allegations against hedge fund manager Crispin Odey, and the exit 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’s into the Bank’s economic forecasting.
Previously chief economic adviser to the Treasury and having worked at the International Monetary Fund, she will succeed Ben Broadbent as deputy governor of monetary policy.
Bank Governor Andrew Bailey said: ‘I’m really pleased to welcome Clare Lombardelli back to the Bank.
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.
Chancellor of the Exchequer Jeremy Hunt said: ‘I am delighted to appoint Clare Lombardelli.
‘Clare brings significant experience to the role tackling financial and economic issues both domestically and internationally.’
