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Bank of England cuts up to 100 jobs

The Bank of England is cutting up to 100 jobs as it sheds £18m from its budget for its back office team.

The job cuts are part of the Value for Money review, launched last autumn, and will come solely from support staff with no policy areas affected.

The Bank says the review will save £18m by 2015/16, around 10 per cent of its budget, with the money put back into the Bank to focus on monetary policy and financial stability.

The Bank employs just over 3,600 staff of which around 1,000 work in its support team, known as Central Services.

It says it is working closely with trade unions to ensure affected staff receive support to find alternative employment.

A separate exercise to develop a new Strategic Plan for the Bank is currently being conducted with no date set for its conclusion.

The Bank of England is funded through commercial banks paying a fee to deposit money. The fees are then invested to pay for the Bank’s work.

Bank of England governor Mark Carney is paid £480,000 basic salary, £250,000 housing allowance and a £144,000 annual cash allowance in lieu of a pension.

At the Treasury select committee last year, Carney defended his salary by comparing it to former FSA chief executive Sir Hector Sant’s wage.

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