Rachel Lomax became Deputy Governor of the Bank of England on July 1, 2003.

Before joining the Bank, she 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. She was a Vice President and Chief of Staff to the President of the World Bank in 1995-6 and Head of the Economic and Domestic Secretariat at the Cabinet Office in 1994. Her earlier career was spent at HM Treasury, which she joined 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.

Rachel Lomax is on the Board of the Royal National Theatre and of DeMontfort University. She graduated from Girton College Cambridge in 1966 and obtained an MSc in Economics from the London School of Economics in 1968.