Bank says it’s losing staff

Julian Harris
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THE BANK of England is struggling to hold on to staff despite its generous remuneration and pension schemes, it said in its annual report last night.

Governor Mervyn King, whose latest annual earnings totalled £308,252, recently defended the Bank’s policy of keeping pensions tied to the retail price index (RPI) rather than the typically-lower consumer price index (CPI).

Over £1m in total was added to the pension pots of deputy governors Charles Bean and Paul Tucker in the year to February, the report revealed.

Yet chairman David Lees said in his statement: “a particular concern over the past year has been ensuring the Bank has and retains the numbers and particularly the quality of the staff it needs.” The government sector-wide pay freeze has made the job “no easier”, Lees said. The Bank lost 284 employees in the year to February, yet recruited 220 more.

New inflation figures are out today.