Rachel Lomax to Leave the Bank of England

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May 22, 2008, London, UK - Rachel Lomax, the deputy governor at the Bank of England, will step down at the end of June, finishing her five year term. The Bank of England is searching for a new deputy governor.

Ms. Lomax graduated from Girton College Cambridge in 1966 and obtained an MSc in Economics from the London School of Economics in 1968. Ms. Lomax joined HM Treasury in 1968 and where she worked on a wide range of macro economic, monetary, and financial issues. She was Principal Private Secretary to the Chancellor of the Exchequer, the Rt Hon Nigel Lawson, in the mid 1980s, and Deputy Chief Economic Adviser in the early 1990s. She was Head of the Economic and Domestic Secretariat at the UK Cabinet Office in 1994. Before joining the Bank of England, Ms. Lomax was Permanent Secretary of the Department for Transport. Between 1999 and 2002 she held the same position at the Department for Work and Pensions (previously the Department of Social Security) and, from 1996 to 1999, at the Welsh Office. Ms. Lomax was a Vice President and Chief of Staff to the President of the World Bank in Washington in 1995-6.

Ms. Lomax became Deputy Governor on 1 July 2003. In addition to her membership of the Monetary Policy Committee, she has specific responsibility within the Bank for Monetary Policy, including monetary assessment and money market operations. Ms. Lomax is on the Board of the Royal National Theatre, Chair of the Institute of Fiscal Studies and is also on the Court of Governors of the LSE.

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