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The Guardian - UK
The Guardian - UK
Business
Richard Partington Senior economics correspondent

Bank of England cutting jobs as part of overhaul after critical Bernanke review

Andrew Bailey Ben Bernanke Inflation The Bank of England
The Bank of England in Threadneedle Street
The Bank of England has “difficult trade-offs” to meet efficiency targets at the same time as pursuing its transformation programme, said the governor, Andrew Bailey. Photograph: Yui Mok/PA

The Bank of England has said it is cutting jobs amid sweeping changes at Threadneedle Street after a highly critical review into its failure to forecast surging inflation.

Under budget pressures as it responded to the report from the former US Federal Reserve chair Ben Bernanke, the Bank has opened a voluntary scheme last week as part of an efficiency drive to find savings.

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