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Vlieghe and Lombardelli "leading contenders" for BOE Deputy Governor - Times

BOE
  • The Times is reporting that Gertjan Vlieghe and Clare Lombardelli "are leading contenders" to replaced Broadbent as Deputy Governor for Monetary Policy at the Bank of England.
  • Vlieghe is a former external MPC member who was replaced by Mann in August 2021 when his second non-renewal term ended. Vlieghe was generally in favour of greater communication from the MPC during his term - and has since been active in Q&As following BOE members' speeches. For example, he asked Mann in July 2022 why the MPC had not communication its thoughts on R*. Vlieghe is an advisor to Chancellor Hunt and is due to join Millennium Management as Vice Chairman, Fixed Income and has most recently been Chief Economist at Element Capital. Prior to joining the MPC he was a Partner at Brevan Howard and at Deutsche Bank before that.
  • Lombardelli is currently Chief Economist at the OECD after joining in May 2023. Prior to that she was the Chief Economic Advisor to the Treasury and had been joint head of the Government Economic Service since 2005 and has also previously worked at the Bank of England. She was reported by the Telegraph to be in the running for the Chief Economist position in 2021 (ahead of Pill's appointment).
  • The Times expects the announcement to be made "in the coming weeks" ahead of Broadbent's second (and non-renewable) term ending at the end of June. The new appointment would therefore be heavily involved in the production of the August MPR.
  • Note that Haskel's last MPC meeting will be in August as he is coming to the end of his second 3-year term (which is non-renewable). Chief Economist Pill and external member Mann both also have terms that are due to end following the August MPC meeting - but at present we expect both of their terms to be renewed.
  • Link to The Times story.
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