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Charles Bean to replace Rachel Lomax at the Bank of England

Charles Bean has been appointed as Deputy Governor of the Bank of England for Monetary Stability.

Bean, who has been executive director and chief economist at the BoE since October 2000, will replace former deputy Rachel Lomax who announced her resignation last month.

Chancellor Alistair Darling says: “I am delighted to announce the appointment of Charlie Bean as Deputy Governor for Monetary Stability at the Bank of England. He is a world-class economist with a great depth of experience in both academia and policy making environments. Appointing an economist of Charlie’s calibre is particularly important amidst the significant global economic challenges the UK economy is presently facing. I would also like to take this opportunity to thank Rachel Lomax for the contribution she has made to the public sector throughout her distinguished career, including as permanent secretary to a number of Government departments and as Deputy Governor.”

BoE Governor Mervyn King says: “I am delighted that 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, and I am pleased he is staying until the Bill is law. I wish them both well in future.”

Bean says: “As the Deputy Governor responsible for overseeing the Bank’s monetary policy work, I am committed to ensuring that the MPC 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.

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