David Clementi


David Clementi

Sir David Cecil Clementi (born 25 February 1949) is a former Deputy Governor of the Bank of England. Clementi also holds positions on the boards of several large corporations, including Chairman of Prudential plc, one of Britain's largest insurance companies, and is a non-executive director on the board of governors of the Rio Tinto Group. In March 2008, he was announced as Warden of Winchester College to replace Sir Andrew Large on his retirement in September 2008.

David Clementi was educated at Winchester College, where he was captain of athletics and a distinguished footballer. He then went to Lincoln College, Oxford, where he obtained a degree in Politics, Philosophy and Economics and a blue for athletics. After graduating he qualified as a chartered accountant.[1] He then had a career in the finance industry culminating in his appointment as Deputy Governor of the Bank of England.

In June 2002 he told the Treasury select committee that a house price crash was a virtual certainty. He said, "I said in April that the level of house price inflation, then running in the mid-teens was unsustainable. Since then we've seen something of an acceleration ... and the longer it goes on, the sharper is likely to be the eventual adjustment." [2] Although at the time many regarded this statement as the view of a pessimistic traditionalist, subsequent events proved Sir David entirely right.

In July 2003, he was given the task, by the Secretary of State for Constitutional Affairs, Baron Falconer of Thoroton, of undertaking a wide-ranging independent review of the regulation of legal services in England and Wales, now known generally as the Clementi report.

His father, Cresswell Clementi, was an Air Vice-Marshal in the Royal Air Force. His grandfather Cecil Clementi was Governor of Hong Kong.

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