28/03
27 February 2003
BANK OF ENGLAND APPOINTMENTS
The Queen has been pleased to appoint, under the Bank of England Act 1998, Rachel Lomax as Deputy Governor of the Bank of England (Monetary Policy), in succession to Mervyn King.
Welcoming the appointment the Chancellor, Gordon Brown, said:
“I am very pleased that Rachel Lomax has been appointed as the new Deputy Governor for Monetary Policy. She has a hugely impressive track record as an economist and departmental manager at the heart of government, and possesses a sound knowledge of the financial markets, macroeconomic and regional policy.
"I would also like to take this opportunity to thank Mervyn King for his excellent contribution as Deputy Governor over the past five years, and wish him well in his new role as Governor. ”
The Chancellor also announced today the appointment of Richard Lambert to the Bank of England’s Monetary Policy Committee (MPC) and the reappointment of Steve Nickell to the Committee for a second term.
Christopher Allsopp will undertake a review on the statistical requirements for monetary and wider economic policymaking, reporting to the Chancellor, the Governor of the Bank of England and the National Statistician, when his term on the MPC ends on 31 May 2003.
The Chancellor said:
“I am delighted that Richard Lambert has agreed to join the Monetary Policy Committee. His experience in financial sector and economic policy issues will enable him to make a significant contribution to the work of the Committee.
“I would also like to thank Christopher Allsopp for his valuable contribution to the work of Bank of England over the past six years, three years on the MPC and three years as a member of the Bank’s Court. I am looking forward to his important work on the information required for high quality economic policymaking”.
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Notes for Editors
1. Rachel Lomax is currently Permanent Secretary at the Department for Transport. Prior to that she was Permanent Secretary at the Departments for Work and Pensions from 1999 to 2002 and at the Welsh Office from 1996 to 1999. She has also worked as a Country Director and Chief of Staff at the World Bank, subsequent to a distinguished career at the Treasury where she served as Deputy Secretary for Financial Institutions, Deputy Chief Economic adviser and Principal Private Secretary to the then Chancellor.
2. Richard Lambert was editor of the Financial Times from 1991 to 2001. He is currently a columnist for the Times and a lecturer. Mr Lambert will take up his membership of the MPC on 1 June 2003.
3. Christopher Allsopp and Steve Nickell are two of the four external members appointed by the Chancellor. Their three-year terms end on 31 May 2003. Christopher Allsopp was a member of the Court of the Bank of England, the Bank’s Governing body, from 1997-2000.
4. Steve Nickell will be reappointed for a second term starting on 1 June 2003.
5. Christopher Allsopp will lead work for the Chancellor on the statistical information required for monetary and wider economic policymaking.
6. Mervyn King’s appointment as Governor was announced by the Chancellor in the Pre-budget Report on 27 November.
7. The Monetary Policy Committee makes operational decisions on interest rate policy. The Committee comprises the Governor of the Bank of England, the two deputy Governors, two members of the Bank with responsibility in the Bank for monetary policy and market operations and four outside members with relevant expertise who are appointed by the Chancellor. The Chancellor announced the establishment of the MPC as part of the new framework for monetary policy on 6 May 1997.
8. Members of the MPC are appointed to the Bank staff. However they may engage, with the permission of the Chancellor, in outside activities that do not present a conflict of interest.
9. Copies of Rachel Lomax’s, Steve Nickell’s and Richard Lambert’s CVs are attached.
10. Media enquires should be directed to HM Treasury press office, tel. 020 7270 5238. Further information can be obtained from the Bank of England Press Office on 020 7601 4411.
11. If you have access to the Internet, you can find this Treasury news release and other Treasury information at www.hm-treasury.gov.uk.
(Janis) Rachel Lomax
Date of Birth: 15 July 1945
Two children.
Education : Cheltenham Ladies College, Girton College Cambridge (MA), LSE (MSc)
Present position : Permanent Secretary, Department of Transport, since 2002
Main previous appointments : Permanent Secretary, DWP (DSS) 1999-2002; Welsh Office (1996-99), Vice President and Chief of Staff, World Bank, 1995-96; Deputy Secretary, Cabinet Office (1994-95), HM Treasury, 1968-1994, where her posts included Deputy Chief Economic Adviser and Principal Private Secretary to the Chancellor, as well as various posts in monetary and fiscal policy.
Richard Peter Lambert
Date of Birth : 23 September 1944
Married with two children.
Education : BA, Balliol College, Oxford.
Present positions: Leading a review of business/university relationships on behalf of the Treasury and the DTI; contributor to The Times; chair Visiting Arts.
Also a director of AXA and the LIFFE. These posts will be relinquished along with his Times connection on taking up appointment to the MPC.
Main previous appointments : Editor, Financial Times 1991-2001. Staff of Financial Times, 1966-2001; Lex column 1972; Financial Editor 1978; New York Correspondent 1982; Deputy Editor 1983.
Stephen Nickell
Born : 1944, married with two children
Education : BSc, mathematics, Pembroke College, Cambridge University.
MSc, mathematical economics and econometrics, LSE.
Present positions : Appointed to the Monetary Policy Committee on a part-time basis with effect from 1 June 2000. School Professor of Economics at the London School of Economics since 1998.
Previous positions: Professor of Economics and the Director of the Institute of Economics and Statistics, University of Oxford, and a Professorial Fellow of Nuffield College. He has acted as academic consultant for various government bodies including HM Treasury, the Manpower Services Commission and the DHSS. He is a Fellow of the British Academy and of the Econometric Society. He is currently President of the Royal Economic Society.
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