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Bank of England to cut 100 jobs after 'value' review

The Bank of England is planning to cut up to 100 jobs following a "value for money" review, the bank announced today.

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Bank of England expecting to make £18m savings

A statement on the Bank of England website said:

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.

As a result, a number of teams around Central Services will be reorganised.

The changes will provide new opportunities for some staff, as they will move to new roles in the organisation.

A number of other jobs will not be filled as staff retire or move on. It is, however, envisaged that there will be between 80-100 redundancies, subject to staff consultation.

The Bank is working closely with the Bank’s union to ensure that affected staff will receive support to find alternative employment.

– Bank of England

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