Sunday 27 November 2016 2:47 pm
The Bank of England’s Brexit strains have been laid bare
Minutes from a meeting of Bank of England bosses have revealed that the UK's decision to quit the EU has piled on the work for central bankers. The Court of Directors, which oversees the Bank's work, met in September to discuss Brexit, among other issues, with directors asking about funding for extra research.
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However, Phil Evans, the head of the Bank's EU withdrawal unit told attendees that "activity would for the time being have to be absorbed or found in further allocations".
While Prudential Regulatory Authority boss Sam Woods is recorded as saying that the full impact of Brexit on the Bank's workloads "was not yet visible" Governor Mark Carney told the meeting that Brexit would generate substantial tasks, adding "and most of [those tasks] would have to be done very fast".
Carney said that as a result the Bank may need to adopt a more flexible approach.
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"The staffing model would have to evolve – ideally to be more like that of a professional services firm," he said.
The diminutive new Brexit unit is staffed on a "hub and spoke" model, with staff across the Bank expected to work on "large and small projects, most on short deadlines done by ring-fenced teams drawn from different parts of the Bank," the minutes reveal.