The Bank of England is the UK's central bank. Our mission is to deliver monetary and financial stability for the British people.

The Bank of England is a diverse organisation. Each of its 4,000 plus people are committed to public service and dedicated to promoting the good of the people of the United Kingdom by maintaining monetary and financial stability.

The Strategy Team (a team of 9, including the manager) forms part of the Monetary Policy Outlook Division (MPOD), which sits in the Monetary Analysis (MA) directorate. Monetary Analysis (MA) provides the core analytic support that underpins the setting of Bank Rate each month by the Monetary Policy Committee (MPC) to meet the inflation target. We are closely linked to the MPC Unit, which supports the external members of the MPC.

Department Overview

MPOD supports the MPC by helping it agree its view on the outlook for the UK economy and, in light of that, the appropriate path for policy needed to meet the 2% inflation target. MPOD does this by developing models that shed light on how different parts of the economy behave and interact (Modelling Team), building a forecast for the economy using these models (Forecast Team), and providing policy advice consistent with the forecast (Strategy team). It underpins this with research in the areas of monetary economics, forecasting and macroeconomic modelling.

The division comprises a Leadership Team – a Head of Division, three Senior Managers, and a Research Adviser – and around 20 research and policy economists. We also maintain a network of academic consultants working on similar topics. The division includes a mix of genders and ethnicities, part-time and full-time working patterns, and internal recruits as well as experienced external hires.

Job description

This role offers the opportunity to work at the heart of monetary policy and to engage directly with MPC members on questions of monetary strategy. While our primary policy customers are the MPC, there will also be opportunities to work with other areas of the Bank (especially those serving the FPC).

A key part of the role will be to produce high-quality analysis to feed into forecast round discussions with the MPC on the latest monetary strategy issues. As part of the Economic Adviser position, the successful application will also have the opportunity to be allocated ring-fenced time to further develop their technical skills. As part of the Senior Researcher position, the successful applicant will also have the opportunity to spend at least 50% of their time on research (depending on preferences and background). While on the team you will:

• Present to the MPC on monetary strategy issues, advising the committee on monetary policy and communications.
• Assist with the development of models to improve the team's analysis.
• Link the latest academic thinking on monetary policy to the issues facing the MPC and the wider Bank.
• Engage with MPC members and Governors via speeches and briefing.
• (If appropriate to the successful candidate) Conduct original research on BEAR research themes (with an expectation that the jobholder would be seconded to the research hub at some point).

Role Requirements

Minimum Essential Criteria

• Excellent analytical skills with capability to be an intellectual leader
• Excellent written and oral communications with an ability to explain complex material to a non-expert senior audience
• Experience of leading projects or the ability to think strategically, lead projects and programmes of work with minimal oversight
• Experience of influencing senior stakeholders in your organisation / field
• A collaborative working style, with experience of working with and managing a diverse set of stakeholders
• A track record of taking an inclusive approach in your work
• For the Senior Researcher position: PhD-level or equivalent training and demonstrated ability to produce high quality, independent research published in academic journals in the field of economics

Desirable Criteria

• Knowledge of monetary strategy, macroeconomic models and/or forecasting.

Our Approach to Inclusion

The Bank values diversity, equity and inclusion. We play a key role in maintaining monetary and financial stability, and to do that effectively, we believe we need a workforce that reflects the society we serve.

At the Bank of England we want all colleagues to feel valued and respected, so we're working hard to build an inclusive culture which supports people from all backgrounds and communities to be at their best at work. We celebrate all forms of diversity, including (but not limited to) age, disability, ethnicity, gender, gender identity, race, religion, sexual orientation and socioeconomic status. We believe that it’s by drawing on different perspectives and experiences that we’ll continue to make the best decisions for the public.

We welcome applications from individuals who work flexibly, including job shares and part time working patterns. We've also partnered with external organisations to support us in making adjustments for candidates and employees in the recruitment process where they're needed.

For most roles where work can be carried out at home, we aim for colleagues to spend half of their time in the office, with a minimum of 40% per month. Subject to that minimum requirement, individuals and managers should work together to find what works best for them, their team and stakeholders.

Finally, we're proud to be a member of the Disability Confident Scheme. If you wish to apply under this scheme, you should check the box in the ‘Candidate Personal Information’ under the ‘Disability Confident Scheme’ section of the application.

Salary and Benefits Information

This specific role offers a base salary range of £70,900 to £84,960 per annum (depending on skills and experience) on a full-time basis. We encourage flexible working, part time working and job share arrangements. Part time salary and benefits will be on a pro-rated basis as appropriate.

In addition, we also offer a comprehensive benefits package as detailed below:

• A non-contributory, career average pension giving you a guaranteed retirement benefit of 1/95th of your annual salary for every year worked. There is the option to increase your pension (to 1/50th) or decrease (to 1/120th) in exchange for salary through our flexible benefits programme each year.
• A discretionary performance award based on a current award pool.
• A 8% benefits allowance with the option to take as salary or purchase a wide range of flexible benefits.
• 26 days’ annual leave with option to buy up to 12 additional days through flexible benefits.
• Private medical insurance and income protection.

National Security Vetting Process

Employment in this role will be subject to the National Security Vetting clearance process (and typically can take between 6 to 12 weeks post offer) and the passing of additional Bank security checks in accordance with the Bank policy. Further information regarding the vetting and security clearance requirements for the role will be provided to the successful applicant, and information about how the Bank processes personal data for these purposes, is set out in the Bank's Privacy Notice

The Application Process

Important: Please ensure that you complete the ‘work history’ section and answer ALL the application questions fully. All candidate applications are anonymised to ensure that our hiring managers will not be able to see your personal information, including your CV, when reviewing your application details at the screening stage. It’s therefore really important that you fill out the work history and application form questions, as your answers will form a critical part of the initial selection process.

The closing date for applications is Thursday 22 February 2024.

Please apply online, ensuring that you complete your work history and answer ALL the application questions fully and in detail as your application will not be considered if all mandatory questions are not fully completed.

For those applicants who are only interested in the Senior Researcher position, please also submit a list with your working papers and publications, and a recent working paper.