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Bank of England

Bank of England

Made up of approximately 3600 people, the Bank of England is a diverse organisation committed to public service and dedicated to maintaining monetary and financial stability.

Our Responsibilities & Objectives

Public Confidence

Maintaining public confidence in the bank notes we carry in our pockets and wallets is perhaps the most recognisable responsibility we have. Containing advanced security features that are easy to check and resilient to counterfeiting, our bank notes are durable, high quality bank notes.

But confidence in our money is about more than just the bank notes we use. It is also about protecting the value of that money over time, so that households and businesses can plan, invest, save and spend with confidence.

Monetary Stability

The Bank plays a vital role in maintaining public confidence through the Monetary Stability objective. Designed to deliver low and stable prices, and defined by the Government set inflation target of a 2 per cent year-over-year increase in the Consumer Prices Index, decisions to achieve that objective are taken by the Bank’s Monetary Policy Committee (MPC).

Financial Stability

As the financial crisis revealed price stability alone is not enough to ensure overall economic stability. Financial stability – public trust and confidence in financial institutions, markets, infrastructure, and the system as a whole – is just as important.

In the wake of the crisis, the Bank has been given several important responsibilities for maintaining financial stability:

To promote the safety and soundness of individual financial firms through the regulation and supervision of appx 1,700 banks, building societies, credit unions, insurers and major investment firms.

To protect and enhance the resilience of the UK financial system as a whole, working to remove or reduce systemic risks. In short, this means working to prevent future financial crises, or reduce their frequency and severity.

Our other financial stability roles:

To regulate and oversee key payment, clearing and settlement systems

To act as lender and market maker of last resort at times of financial stress and

To work to safely resolve failing financial institutions

What does this mean for our people?

While the Bank’s responsibilities may be broad and wide-ranging, there are important benefits to having them housed within a single institution. Many of these responsibilities require common skills, information and analysis to fulfil. And there are often strong interactions among them, which require consistent, timely decision-making and effective management of any trade-offs.

The Bank’s Strategic Plan: Vision 2020

We launched our new Strategic Plan, Vision 2020, on 15 May 2017. This three-year plan builds on the One Bank Strategic Plan we launched in 2014.

Our timeless mission is grounded in the Bank’s original 1694 charter: promoting the good of the people of the United Kingdom by maintaining monetary and financial stability. In March 2014, we set out an ambitious and wide-reaching One Bank strategy. This strategy underscored the importance of working together for our single, shared mission supported by four pillars: Diverse and Talented, Analytic Excellence, Outstanding Execution and Open and Accountable.  Under our One Bank Strategy, we ensured the successful integration of the Prudential Regulation Authority in to the Bank, implemented the recommendations in the Warsh Review, resulting in ‘Super Thursday’, created a new Research Hub and the launched the Bank Underground blog amongst many other achievements.

Three years later, we have completed over 95% of our original milestones and of our fifteen initiatives, fourteen have met their overall objectives.  Now we are underpinning our pillars with two new platforms as part of Vision 2020: How We Communicate and How We Work.  Vision 2020 is about what further changes we need to implement in order to continue to deliver our mission.

How We Communicate

Communication at a central bank is an important policy tool. Our policies have maximum impact when they are heard and understood. Good communication therefore links directly back to the successful delivery of our mission. On external communications we will seek to attract a wider audience with a targeted, creative approach to content and analysis including key publications and speeches.  The most successful communication is also two-way — as much about listening as speaking. This platform will be supported by a step change in how we communicate internally. We will tailor our internal content for different audiences to support better policy formulation and internal decision-making. Our decision-making process will be as effective and empowering as possible.

How We Work

We all do our best work when we work with the right people, with the right skills, on what matters most — supported by the right technology.  By 2020, working across boundaries will be the norm — bringing together people with deep expertise to solve problems. And we will invest in our managers along the way so they can support and unlock the potential of all our people.  How We Work means better understanding our priorities and skills so we can match our expertise to where it is needed. And it means having the right technology and enablers to smooth the path.

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Benefits at Bank of England

List of all the benefits that Bank of England are offering their employees. Benefits may vary depending on role, location and length of service.

  • On site gym
  • Pension Scheme
  • Childcare Vouchers
  • Dental Insurance
  • Holiday - Up to 25 days
  • Buy/Sell holiday 
  • Cycle2Work
  • Bonus Scheme
  • Life Assurance
  • Onsite Wellness Centre
  • Travel Insurance
  • Income Protection
  • Interest free annual season ticket loan
  • Personal Accident Insurance
  • Partner Life Assurance
  • Critical Illness Insurance
  • Subsidised restaurant and cafés
  • Flexible Working
  • Private Medical Insurance
  • Give As You Earn (GAYE)
  • Permanent Health Insurance

What our people say

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Open Developer, job opening in Bank of England

Developer

Software Developer · United Kingdom

Brief Description We are seeking a BI developer to join our team of technicians that are responsible for the development and support of the suite of BI solutions that the team main...

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