26 AM 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.
MonetaryAnalysis (MA) provides the core analytical underpinning for the setting of monetary policy by the Monetary Policy Committee (MPC).
We are closely linked to the MPC Unit, which supports the external members of the MPC.
Department Overviews Within MA, the primary role of the Current Economic Conditions Division (CECD) is to provide the MPC with real-time assessment of the current state of the UK economy relating to aggregated demand, the labour market and inflation.
Monetary and Financial Conditions Division (MFCD) instead produces joined-up expert analysis on monetary, credit and financial conditions, their relationship with the real economy and the transmission of monetary policy to financial conditions.
A key responsibility for the division is to design and evaluate the monetary policy toolkit. Each division comprises a Leadership Team – a Head of Division, Senior Managers and Advisers – and around 20-30 research and policy economists and data analysts.
The divisions are based in the Bank’s Threadneedle Street premises in London.
Job descriptions We are looking to appoint Heads of Division in MonetaryAnalysis.
There are currently vacancies in both CECD and MFCD, but we welcome applicants for all divisions in MA to cater for any further moves that might arise as part of the process.
With inflation still well above the MPC’s 2% target and the economy weak, CECD's analysis is central to the MPC's deliberations.
You will guide the division's data analysis, including its major contributions to pre-MPC and the quarterly forecast process, and more generally provide ad hoc briefing to the MPC and other senior Bank staff as events unfold.
In the background, you will ensure that the division can take advantage of advances in data availability, visualisation and modelling to deepen our understanding of the economy and future-proof our ability to advise MPC going forward. The key focus in MFCD is around monitoring and evaluating the impact of monetary policy tightening on financial and credit markets, and ensuring that MPC has a policy toolkit available to that is flexible, proportionate and well understood.
The division collaborates extensively with other areas of the Bank, in particular via a pooled flexible resourcing structure for financial markets analysis.
It works particularly closely with Markets Directorate, with whom it jointly prepares MPC inputs.
MFCD also has close links with Financial Stability Strategy and Risk (FSSR) and the Prudential Regulation Authority (PRA).
Heads of Division roles in MA are largely autonomous.
Ability to reach judgements and take decisions is therefore important.
So it will be for you to develop and communicate a strategy consistent with the broader vision for the directorate, and ensure your division has the resources, motivation and skills to fulfil it.
You will provide analytical leadership for your team members and seek to act as a credible champion for them in front of senior staff and the MPC.
You will empower your managers, sharing information effectively, coaching them and acting as a sounding board, providing sense-checks and offering guidance and backing where needed.
You will work with them to build a culture that is open to change, gets the best out of difference and is welcoming to all.
You will be part of an MA Leadership Team that collectively defines and implements strategy for the directorate.
Together you will put in place the structures, culture and processes that best allow MA sustainably to prepare and advise MPC in setting monetary policy.
You will play a central role in implementing MA’s strategy for diversity and inclusion, and you will be expected to lead in a manner which is human, humble and in step with the changing world, fostering an inclusive and open environment for discussion across the Directorate.
Number of direct reports:
4-6 Role Requirements You don’t need to tick all boxes, but we are looking for candidates who Have experience of leading and empowering larger teams Have sufficient knowledge of macroeconomics, financial markets and the current policy debate to build credibility with team members and policy-makers Have an ability to identify and drive through improvements and to support others in doing so too Prioritise and show willingness to change course if existing plans and assumptions are no longer suitable Can identify key questions, motivate teams to address them, and champion the results Can develop and maintain effective working relationships across a wide group of stakeholders and levels of seniority, providing effective challenge where necessary Have a track record of tangibly improving diversity and inclusive culture, and encouraging others to do the same Have experience of leading and delivering high-quality analysis for policy-makers.
Possess excellent oral and written communication skills, particularly in synthesising and explaining complex ideas to a non-technical audience Are experienced in leading and delivering projects 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.
You can find more information on what this means here .
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 competitive salary (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 from April 2023 and 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 at Privacy and the Bank of England | Bank of England.
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 12 May 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. Jobleads LondonEngland
