Nearly a third of a million people have been laid off from tech firms since the start of last year, according to joblessness tracking site layoffs.fyi. Where have they all gone?
To Threadneedle Street, it would turn out.
The Bank of England has hired over 100 new roles to its IT team since the start of the pandemic, growing headcount by more than 20%, according to data obtained by the Parliament Street think tank. The move helped add to a £20 million rise in annual IT costs over the period.
The Bank’s Monetary Policy Committee is said to be on the lookout for signs of persistent rises in wage costs, key to decisions over rate cuts. They needn’t look far.
Sign up to the weekly City Spy newsletter for your unmissable round-up of all the gossip, rumours, and covert goings-on inside the Square Mile: standard.co.uk/newsletters
Got a tip? Write to us at cityspy@standard.co.uk
