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 analytical support that underpins the setting and communication of monetary policy by the Monetary Policy Committee (MPC) to meet the inflation target.

The team

The Forecast Team (a team of 10 including the manager) prepares and helps the MPC agree its quarterly forecasts of the UK economy, which are published in the Monetary Policy Report. The team’s work operates in a regular cycle and typically involves four or five formal meetings with the MPC each quarter.

The role

This is an exciting and high-profile role at the heart of monetary policy decision making!

You will have the opportunity to engage regularly with MPC members and inform their thinking on the economic outlook. You will produce high-quality analysis to support forecast round discussions working collaboratively with other areas in MA.

While the primary policy interface is with the MPC, there will also be opportunities to engage with other areas of the Bank and other forecasters.

The team’s style of work is collaborative and supportive, with lots of opportunities for personal development.

As a Senior Economist in the team, you will have opportunities to:

• Construct the forecast, using a variety of economic models to assess the impact of news on the economic outlook
• Produce material summarising the forecast and present it to the MPC
• Engage directly with policymakers at an individual level, assisting their understanding of the forecast
• Lead projects analysing key issues around the MPC’s forecast
• Lead work to improve our forecasting toolkit in collaboration with other teams in MA
• Support effective communication of the forecast narrative in the Monetary Policy Report and other external communications

Minimum criteria

• A Master’s degree in economics or a quantitative undergraduate degree with experience in macroeconomics
• Strong analytical skills and evidence of leading high-quality economic analysis with minimal direction
• Ability to propose and lead projects with inputs from a wide range of stakeholders
• Ability to communicate technical concepts clearly to senior staff and peers
• Ability to deliver at pace working as part of a team

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 £62,700 - £70,000 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.
• A 7% benefits allowance with the option to take as salary or purchase a wide range of flexible benefits. (Note that for the Benefits year 2023/24, this will increase to 8%)
• 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 30 October 2023.

The assessment process will comprise of two 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.