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Home > About the Bank > The Bank’s Strategic Plan: Vision 2020
 

The Bank’s Strategic Plan: Vision 2020

We launched our new Strategic Plan, Vision 2020, on 15 May 2017. This three-year plan builds on the One Bank Strategic Plan we launched in 2014.

Our timeless mission is grounded in the Bank’s original 1694 charter: promoting the good of the people of the United Kingdom by maintaining monetary and financial stability. In March 2014, we set out an ambitious and wide-reaching One Bank strategy. This strategy underscored the importance of working together for our single, shared mission supported by four pillars: Diverse and Talented, Analytic Excellence, Outstanding Execution and Open and Accountable.  Under our One Bank Strategy, we ensured the successful integration of the Prudential Regulation Authority in to the Bank, implemented the recommendations in the Warsh Review, resulting in ‘Super Thursday’, created a new Research Hub and the launched the Bank Underground blog amongst many other achievements.

Three years later, we have completed over 95% of our original milestones and of our fifteen initiatives, fourteen have met their overall objectives.  Now we are underpinning our pillars with two new platforms as part of Vision 2020: How We Communicate and How We Work.  Vision 2020 is about what further changes we need to implement in order to continue to deliver our mission.

Vision 2020. Click to enlarge

How We Communicate

Communication at a central bank is an important policy tool. Our policies have maximum impact when they are heard and understood. Good communication therefore links directly back to the successful delivery of our mission. On external communications we will seek to attract a wider audience with a targeted, creative approach to content and analysis including key publications and speeches.  The most successful communication is also two-way — as much about listening as speaking. This platform will be supported by a step change in how we communicate internally. We will tailor our internal content for different audiences to support better policy formulation and internal decision-making. Our decision-making process will be as effective and empowering as possible.

How We Work

We all do our best work when we work with the right people, with the right skills, on what matters most — supported by the right technology.  By 2020, working across boundaries will be the norm — bringing together people with deep expertise to solve problems. And we will invest in our managers along the way so they can support and unlock the potential of all our people.  How We Work means better understanding our priorities and skills so we can match our expertise to where it is needed. And it means having the right technology and enablers to smooth the path.

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