Bank of England to cut 100 jobs following efficiency review

The Bank of England is to cut 80-100 staff following its Value for Money review, subject to staff consultation.

The review looked at staff deployment and direct expenditure and has identified savings of around £18m by 2015/16 (around 10% of the spend reviewed). Funds released through this review will be re-invested across the business in order to support delivery of the Bank’s statutory objectives.

The review was intended to improve efficiency and effectiveness of the Bank's Central Services division, in order to direct more resources towards the Bank's new responsibilities.