2024-04-17 03:47:01
The Bank of England is likely to cut its key interest rate in the coming months, economist Claire Lombardelli said in the British Parliament at a hearing on her confirmation as deputy chairman of the Central Bank responsible for monetary policy, Day.Az reports with reference to Interfax.
According to her, Europe will definitely see an easing of monetary policy, but it is unclear when the Bank of England will begin it. Lombardelli plans to closely monitor data on wages and prices of services for signs of accelerating inflation.
In March, the Bank of England left its key rate at a 16-year high of 5.25% and made it clear that it would likely reduce it in 2024, but did not specify the timing.
The regulator announced Lombardelli’s appointment as deputy chairman in February. She is due to replace Ben Broadbent in this post on July 1. Parliamentarians assessing her independence and competence will make their opinions public in the coming days.
Lombardelli is a senior economist at the Organization for Economic Co-operation and Development (OECD). Previously, she was a senior economic adviser to the UK Treasury and worked at the International Monetary Fund. She received her BA from the University of Oxford and her MSc in Economics from the London School of Economics and Political Science.