• Job Description

  Req#: 23474
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  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.

  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
  

  Current Economic Conditions Division (CECD) provides the MPC with assessments of the current state of UK economic activity and inflation, the near-term outlook, and the uncertainties around this view. This is typically some of the most central information in the monetary policy debate.

  We do this by analysing a wide array of official data, surveys and other information. We maintain and develop state-of-the-art econometric models to produce short-term forecasts and to interpret current economic developments. And we draw these materials together to form an overall picture and highlight important developments for UK monetary policy.

  We are a division of around 25 people with a range of backgrounds and experiences.
  
  

  Job description

  As an economic analyst in CECD, you will take active responsibility for delivering our analytical output. You will work closely with other analytical staff, both within the division and beyond, ensuring that our work is impactful and delivered on time and to the highest standards of accuracy and technical quality.

  All of our analysts are expected to contribute to the development of our holistic assessment of the economy. Analysts in the division rotate across the full set of our responsibilities. That means that the postholder can expect to gain experience of the full range of UK macroeconomic indicators, from GDP to labour markets and inflation, get involved in analytical projects and gain considerable experience using the division’s state-of-the-art toolkit as well as new and innovative data sources to provide a view of the economy in as close to real time as possible.

  Monetary Analysis is fully committed to having a diverse and inclusive working environment. This role can be done as part of a job share and/or with flexible working.
  
  

  Role Requirements

  Please do not be put off from applying if you do not meet all the criteria in the below.

  We expect the successful applicants to:

  Minimum Essential Criteria

  • Have a postgraduate qualification in economics or other relevant quantitative subject, or an equivalent level of relevant work experience.
  • Be proficient at analysing data, identifying trends and assessing the economic significance of changes. Able to form and express clear views on economic developments.
  • Be able to work autonomously, in teams, and across boundaries.
  • Be capable of producing clear and compelling oral and written commentary and analysis, adapting your style and content to the audience.
  • Be capable of producing high-quality analysis to tight deadlines. Excellent time management and organisational skills.

  Desirable Criteria

  • Be good at bringing together views from a diverse set of perspectives to form a coherent narrative.
  • Be capable of developing and maintaining effective working relationships with a variety of internal and external stakeholders.

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  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 of circa £40,000 - £45,000 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.
  • An 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 29 February 2024.

  The assessment process will comprise of two stages. The first stage will comprise an interview, with the second stage will be a short presentation and interview. Details will be provided to applicants ahead of these recruitment stages.

  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.

• About the company

  The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based.

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