Staff at Bank unhappy on pay

BANK of England staff are unhappy about their pay, according to a leaked survey – despite a 14pc jump in the number of staff on six-figure salaries last year.

Even though more than 500 people now earn more than £100,000 a year at Threadneedle Street, workers feel they are not earning a fair amount for the jobs they do.

The discontent comes after Andrew Bailey, the Governor, urged the wider public not to ask for a big pay rise over fears it would stoke inflation. While it slowed to 4pc in December, it is still double the Bank’s 2pc target.

When asked if “I am fairly compensated for the work that I do”, the survey – first leaked to Financial News – found an average satisfaction score of just 36pc.

The Bank’s staff earned an average of £62,189 in 202223, according to its latest annual report. This compares with just under £35,000 for the average fulltime worker in the UK.

Employees at the Bank also enjoy one of the country’s most generous final salary pension schemes, guaranteeing inflation-linked pay- ments after retirement.

For 2023-24, the Bank set a discretionary pay award budget of 3.5pc, which was focused on larger pay rises for staff on lower salaries. The Governor did not take a rise, keeping his earnings and benefits at a total just short of £600,000.

On measures aside from pay, the survey showed Bank staff are less unhappy, with average satisfaction scores of above 60pc on issues including belonging and work-life balance.

A Bank of England spokesman said: “The Bank sets a fair salary for its staff as part of a wider package of benefits. This will take into account a range of factors including experience, know- ledge, specialism required for each role and external market benchmarks.

“We run staff surveys on a regular basis and will listen and act on the feedback that these provide.”