By John GartlandThe National Audit Office (NAO) has confirmed that the Bank of England’s examiners’ salary is higher than the salaries of its staff.
The NAO’s report found that the salaries for its examiners rose by $13.9m to $70.2m last year.
It said the increase was “in line with inflation”.
It is not clear whether the increase in the bank’s exam rate will come to an end or will remain constant, although the NAO has been warned it may.
It was a year after the Brexit vote and the Bank’s staff were asked to prepare a detailed report on the impacts of the vote.
The NAo report revealed that the number of examiners in the Bank has grown from 17,700 in 2013 to 25,800 last year, but the salaries paid to the examiners were only £7,500 more than the UK’s average salary of £46,000. “
The analysis of this data will be undertaken over a two-year period, starting in early 2019.”
The NAo report revealed that the number of examiners in the Bank has grown from 17,700 in 2013 to 25,800 last year, but the salaries paid to the examiners were only £7,500 more than the UK’s average salary of £46,000.
A spokesperson for the Bank said: ‘The bank has been very successful over the past year in helping businesses, investors and employees through the transition to the digital economy.
‘The Bank has set out in its annual report the benefits of digitalisation for both the business and the wider economy.’
The Bank is also delivering significant benefits to the country as a whole, and our workforce is more than 80 per cent female, with a record number of women in roles of trust, finance, and administration.’
It is clear that digitalisation is helping businesses and the economy.
Our work has been driven by the need to ensure the Bank can deliver the value it delivers to our customers, employees and shareholders.’