Bank of England splurges £200,000 on defining mission statement

The Bank of England has splurged more than £200,000 on consultants to define its mission statement as it looks to tempt in talent and regain confidence amid a wave of criticism over its handling of soaring inflation

Governor of the Bank Andrew Bailey is looking to spell out “why people are proud and motivated” to work at Threadneedle Street and “define the essence of the organisation”, according to official documents seen by the Telegraph.

London-based consultancy The Storytellers will be paid £203,000 of taxpayer cash for four months’ work on the new mission statement, according to the reports.

It comes as the Bank battles to tempt in top talent amid acute staff shortages and a plunge in the potential talent pool in the city.

A spokesman for the Bank said: “The recruitment challenges facing the Bank are shared by many organisations. 

“To best serve the people of the UK, we are working hard to attract people with the skills we need both now and in the future.”

The move to revamp the Bank’s mission statement comes as the bank grapples with a  crisis in confidence and a wave of criticism over its handling of soaring inflation.

According to the Bank’s quarterly inflation attitudes survey last week, more people are dissatisfied than satisfied with the Bank’s handling of inflation for the first time, while just 25 per cent of respondents were pleased with the Bank’s performance, the lowest level since the survey began in 1999.