Organisation

 533105 – CURRENT ECONOMIC CONDITIONS DIVISION

 

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.

Monetary Analysis (MA) provides the core analytic support that underpins the setting of Bank Rate by the Monetary Policy Committee (MPC) to meet the inflation target.

Department Overview

Current Economic Conditions Division (CECD) provides the MPC with assessments of the current state of UK economic activity and inflation, the near-term outlook, and the uncertainties around this view. This is typically some of the most central information in the monetary policy debate. 

We do this by analysing a wide array of official data, surveys and other information. We maintain and develop state-of-the-art econometric models to produce short-term forecasts and to interpret current economic developments. And we draw these materials together to form an overall picture and highlight important developments for UK monetary policy. 

We are a division of around 25 people with a range of backgrounds and experiences.

Job description

As a Data Analyst in CECD, you will take active responsibility for managing a range of our core data processes and pushing the boundary beyond the regular datasets and tools we have used in the past.

You will work closely with other analytical staff, both within the division and beyond, ensuring that our work is impactful and delivered on time and to the highest standards of accuracy and technical quality.

You will play a meaningful role in supporting the Bank’s policy committees by:

• helping to prepare charts and tables for briefing materials, policy notes and presentations by members of the division to the MPC and wider audiences;
• managing the broad range of data that we currently track relating to the UK economy. This includes ensuring the timely and accurate processing of relevant data and uploading them to the Bank’s databases;
• looking into new and innovative sources of data to provide a view of the economy in as close to real time as possible. This also includes new ways of visualising and interacting with that data.

There will also be scope for you to broaden the role depending on your preferences, for example to contribute to larger analytical pieces of work or cross-directorate initiatives. Previous role-holders have gone on to have varied careers at the Bank and beyond, in both data science and economic analysis.

Role Requirements

(Please do not be put off from applying if you do not meet all the criteria in the below).

We expect the successful application to:

Essential

• Have some prior experience of coding in standard programming languages used for data analysis (e.g. R, Eviews, Python etc.).
• Have some prior experience of how to visualise data (e.g. using Tableau).
• Excellent attention to detail and time management skills, with the ability to manage and prioritise multiple competing demands.
• Be proactive in identifying opportunities for further work.

 

Desirable

• Have qualifications relevant to the analytical work of the division, particularly A-level maths and/or economics, or other quantitative subjects e.g. STEM subjects.
• Have an interest in economics, and enthusiasm to learn about the monetary policy process.

 

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. 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

As a unique institution, we have a reward package which sets us apart from other organisations. It includes a competitive salary, but also a much wider offering, including a defined benefit pension and comprehensive flexible benefits. We also offer a working environment which fully supports individuals through flexible working, wellbeing initiatives including an on-site medical and dental unit.

This specific role offers a base salary of circa £30,320 – £34,110 per annum (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 or decrease your pension in exchange for salary through our flexible benefits programme each year.
• A discretionary performance award based on a current award pool.
• A 8% benefits allowance with the option to take as salary or purchase a wide range of flexible benefits.
• 26 days annual leave with option to buy up to 12 additional days through flexible benefits.
• Private medical insurance and income protection insurance.

 

The Application Process

The closing date for applications is Thursday 29 February 2024.

Please apply online, ensuring that you answer the application questions, complete the work history and submit your CV.

We anonymise applications so hiring managers will not be able to see your personal information when reviewing your submission, including your CV. Please complete fully the application form questions as requested. Any incomplete submissions may not be reviewed.

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.