Charles Bean has been appointed deputy governor of the Bank of England for monetary stability.
He has been executive director and chief economist at the Bank of England since October 2000 and replaces Rachel Lomax who resigned last month.
Chancellor Alistair Darling says: “Charlie Bean is a world-class economist with a great depth of experience in academia and policymaking environments. I would like to thank Rachel Lomax for her contribution throughout her distinguished career, including as permanent secretary to a number of Government departments and as deputy governor.”
Bank of England governor Mervyn King says: “I am deligh-ted the Treasury has asked Charlie Bean to take on this vital role overseeing our monetary policy work. I am extremely grateful to Rachel Lomax for her contribution to the MPC, her tireless devotion to the work of the bank and her personal support and wise counsel over the past five years.
“I am also very grateful to John Gieve for his hard work and loyalty. In particular since the events of last summer, John has played a major role in delivering the new framework.”
Bean says: “I am committed to ensuring the monetary policy committee is properly equipped to steer the economy through the challenging times ahead.”
King has appointed senior economist Spencer Dean to replace Bean as chief economist.