Bank of England spends millions on data roles

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Bank of England spends millions on data roles

By Alexandra Leonards

7/4/2022

The UK's central bank has spent nearly £3 million on its data roles, according to figures from a Freedom of Information Act (FOI) request from the Parliament Street think tank.

Between 2017 and 2021, the Bank of England quadrupled its data scientist payroll.

The highest increase came between 2019 and 2020, during the pandemic, when the central bank’s total payroll for data scientist roles jumped from £224,579 to £914,472, an increase of 307 per cent.

During the same 12-month period, data analyst spending also grew sharply from £195,031 to £474,303.

The think tank said that prior to the pandemic, the Bank of England employed “fewer than 10” data scientists and “fewer than 10” data analysts, before a hiring drive saw the number of staff increase to 21 and 14 respectively.

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