Bank of England Offers Voluntary Resignation Scheme
Update: 2025-12-08
Description
The Bank of England is implementing a voluntary resignation scheme for nearly six thousand employees, aiming to cut costs by forty-five million pounds. This move is part of a broader effort to upgrade IT systems and improve economic analysis, following an independent review led by Ben Bernanke. The scheme, which offers up to two years salary, is part of a plan to trim eight percent from the Banks daily budget. While the scheme is voluntary, compulsory redundancies may follow. The Bank aims to become more efficient and resilient, preparing for future challenges in maintaining monetary and financial stability.
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