February 21, 2024

The Bank of England needs to do more to overhaul key parts of its business as some aspects of its work are unnecessarily complex and costly, according to a new report.

The National Audit Office has found that the Bank of England’s central services, which deal with matters such as human resources, technology and security, need reform. While it acknowledged that the central bank was moving in this direction, it criticized reform efforts so far as being too conservative.

“Many factors, including complex