New Bank of Eng­land strike threat in dis­pute over wages

The Sunday Telegraph - Money & Business - - Front Page - By Tim Wal­lace

BANK of Eng­land work­ers are con­sid­er­ing stag­ing another strike af­ter their de­mands for a pay rise were not met fol­low­ing a walk­out ear­lier this month.

The Unite union is con­sult­ing staff on how to re­act fol­low­ing talks at me­di­a­tion ser­vice Acas at the end of July and in the se­cond week of Au­gust.

Around one in 50 of the Bank’s work­force took in­dus­trial ac­tion over three days at the be­gin­ning of this month and protested out­side its City head­quar­ters. It was the first strike faced by the Bank in nearly 40 years.

Union mem­bers are ex­pected to make a de­ci­sion on how to pro­ceed by early Septem­ber. They are an­gry at the “shame­ful” 1pc pay rise be­ing of­fered by the Bank.

That in­crease ap­plies to the over­all pay pot, but the pre­cise dis­tri­bu­tion is left to the dis­cre­tion of man­agers, mean­ing around one third of work­ers could end up with no raise at all – at a time when prices are up 2.6pc on the year. It is un­der­stood that the Bank has not of­fered the work­ers the in­fla­tion­ary pay rise they want, but in­stead has pro­posed giv­ing the union more of a say in how pay is struc­tured.

The Bank has not been sub­ject to the same for­mal pay re­straint as the wider pub­lic sec­tor, but it has tried to be­have the same way when it comes to set­ting wages. Gov­er­nor Mark Car­ney earned £880,042 in 2016-17, ef­fec­tively re­ceiv­ing no pay rise for the year.

A Unite spokesman con­firmed that the union was con­sult­ing mem­bers. The Bank de­clined to com­ment.

On the march: Bank of Eng­land staff dur­ing their most re­cent strike, wear­ing masks of the Gov­er­nor, Mark Car­ney

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