Overview
- The voluntary scheme is open until mid-January 2026, with departures expected to begin in March 2026.
- Redundancy terms match existing policy: 10% of salary per year of service, capped at £150,000 or two years’ service, whichever is lower.
- The Bank has set no numerical target for departures, may reject applications, and the Unite union says it will oppose any compulsory job losses.
- Deputy governor Clare Lombardelli told MPs the cuts will create room for major technology investment in forecasting, described as the biggest since independence in 1997.
- Officials cite budget pressure from reforms and tech work, with a three-year plan requiring efficiency targets that, if missed, could lead to higher charges on the financial sector.