In March 2014, the Bank of England launched a 3 year Strategic Plan to transform the institution. The Strategic Plan established a renewed mission for the Bank, relying on four commitments, or pillars: Diverse and Talented, Analytic Excellence, Outstanding Execution and Open and Accountable. It also set out 15 strategic initiatives to be achieved during the life of the Plan.
The Bank of England’s mission is to promote the good of the people of the United Kingdom by maintaining monetary and financial stability.
One Bank – Maximising our impact by working together
There is a deep underlying connection between monetary and financial stability, which both ultimately underpin the public trust and confidence in their money and their ability to access it, critical to ensuring that we can all go about our day-to-day business.
Placing responsibility for microprudential supervision, macroprudential policy and monetary policy within the same organisation recognises this fundamental connection. It means that the Bank is better placed to deliver key economic benefits: stable inflation, economic growth, and the continuous provision of financial services.
To reap maximum benefit from these changes, the Bank needs to fully integrate the skills and resources it possesses across this expanded institution. That requires important changes in the Bank’s culture and ways of working. We are ‘One Bank’, every part of which driving together to execute our mission to promote the good of the British people.
One Bank means a strong common culture, built from the best of all parts of the Bank, which brings together the whole of the organisation to better support each policymaker and every policy decision.
‘One Mission, One Bank’ relies on four commitments, or pillars.
Diverse and Talented
The Bank wants to attract and inspire the best people to public service, reflecting the diversity in the United Kingdom. This means valuing diverse ideas and open debate, while developing and empowering people at all levels to take initiative and make things happen.
The Bank wants to be at the forefront of research and analysis as a necessary part of its policies and actions. This means making creative use of the best analytical tools and data sources to tackle the most challenging and relevant issues.
The Bank wants its decisions and actions to have influence and impact, both at home and abroad. To achieve that, co-ordinated, effective and inclusive policy decisions are needed, delivered with reliable, expert execution.
Open and accountable
The new legal framework governing the Bank of England confers greater statutory duties on the institution than at any time in its history. Ultimately, these powers are only sustainable if the Bank earns and protects the democratic legitimacy to perform the functions given to it by Parliament. The Bank wants to be understood, credible and trusted, so that its policies are effective. To support that, the Bank needs to be transparent, independent and accountable to stakeholders.
To achieve its mission, the Bank will use the central One Bank theme and its four pillars to guide everything it does. The Bank’s 3-year Strategic Plan, launched on 18 March 2014 identifies fifteen strategic initiatives to transform the institution.
Consistent with the Bank’s Strategic Plan, and reflecting the Bank’s commitment to working together to maximise its impact, a number of changes to the Bank’s organisational structure have been made to align it better to the Bank’s mission. Related to these organisational changes, a number of senior appointments were announced on 18 March 2014.