Senior Policy Economists, Monetary Analysis Directorate

Current Economic Conditions Division (CECD) provides a real-time view of the current state of the UK economy and the near-term outlook. This involves the production of nowcasts and nearcasts and an associated narrative for the economy's near-term prospects. External Engagement Division (EED): leads MA's engagement with the outside world and the rest of the Bank. This involves the production of the Monetary Policy Report and, in conjunction with Communications, associated layers. Monetary and Financial Conditions Division (MFCD): assesses financial, monetary and credit conditions and what they tell us about the economic outlook. It is also responsible for the design of unconventional policy instruments. Monetary Policy Outlook Division (MPOD): assists the MPC in producing its quarterly economic forecasts, provides advice on its monetary strategy, and contributes to MA's modelling strategy. Structural Economics Division (SED): delivers medium-term analysis and research on the structure of the UK economy, both cross-sectionally and over time. It gives the MPC a clear picture of key structural changes and their underlying drivers. The new Monetary Policy Transformation (MPT) unit has been established in 2024 as part of the Bank's response to the Bernanke Review. The unit is responsible for designing, leading discussion on, and implementing a series of improvements to the way that the MPC approaches its policy discussion and how staff support that discussion. These include potential changes to the nature and format of the Bank's forecast, the consideration of risks, policy analysis and external communications, together with the technology and modelling approaches that underpin these. We are also closely linked to the MPC Unit, which supports the external members of the MPC. As well as a Monetary Policy COO Division which collaborates with senior management to determine the strategic direction and culture of the Monetary Policy governorship and empower the area with the right people, processes, information and technology to deliver that strategy., We encourage applicants from a wide variety of professional and academic backgrounds (including data analysis and finance) - you do not need to currently be working as an economist or have an economics degree (see role requirements section below). This is a directorate-wide recruitment round, and opportunities are available across different divisions and roles, including as new vacancies may arise during, and as part of, the recruitment process. As a member of the Monetary Analysis Directorate you will contribute to a wide range of challenging policy issues to help support the MPC, and the broader Bank, in achieving its mission. Responsibilities across roles will differ but could involve:

• Analysing and interpreting micro- and macro-economic data
• Presenting analysis to the Monetary Policy Committee and discussing approaches and key results with Committee members
• Supporting the production of the MPC's forecasts and policymaking process
• Developing new ways of analysing data
• Contributing to internal notes and external publications
You will work closely with colleagues around the directorate, and the wider Bank. You will have opportunities to engage with MPC members and contribute to the policymaking process. You will also have opportunities to co-author publications with colleagues and/or external academics, for example via Bank Underground or the Staff Working Paper series., The assessment will comprise two interview stages and will be fully virtual. We plan to carry out the first stage starting in the week commencing 28 October, and the second stage starting in the week commencing 25 November. Reasonable adjustments to this timetable can be made given individual circumstances. Please apply online, ensuring that you complete your work history and answer ALL the application questions fully and in detail as your application will not be considered if all mandatory questions are not fully completed.

Economist and Senior Economist roles are available, with increasing autonomy and thought leadership at the Senior Economist level. It is common for Senior Economists to have more than 6 years' relevant work experience and Economists to have more than 3 years' relevant work experience. This information is intended as a guide to help candidates understand the level of each role rather than a constraint - candidates will be judged against the criteria set out below and not on years of service. If you are unsure which is more suitable for your level of experience, please submit a single application and note in the application questions that you would like us to consider this as part of the assessment. Note also that the Bank runs a Graduate Programme for those with less work experience following a university degree. We are looking for candidates with strong analytical skills, but you do not need to already meet all the criteria set out. There will be significant opportunities to develop skills in the role, and shape roles to suit individual experience and interests. We encourage applications both from those with a policy-analysis background or a research background. These roles will be mainly policy-orientated. Candidates with specific technical and/or research skills, or interested in dedicated research time, should consider applying to our Research/Technical Economist roles., Relevant qualifications: A relevant postgraduate qualification, such as a Master's degree in economics, finance or other relevant subject, or equivalent work experience.
• Application of expertise: Experience of drawing conclusions from varied and conflicting information sources, and making recommendations to senior staff/policymakers, in relevant area of expertise.
• Analytical & problem solving: Ability to apply a range of analytical approaches to address novel issues and deliver solutions to problems.
• Application of statistical/economic skills: Ability to work with a range of statistical/economic tools/models to infer conclusions from conflicting data sources.
• [Desired] Model development: Relevant experience of developing economic/statistical models to interpret relationships in the data and give technical/policy advice to senior staff.
Interpersonal skills
• Work independently: Ability to identify, scope and progress concrete pieces of analysis.
• Work with others: Ability to work collaboratively and inclusively with colleagues, including via a network of contacts and a diverse range of stakeholders.
• Communicate with impact: Ability to explain complex material and convey key messages from own and others' work, in written and verbal form.
• [Desired] Manage projects: Proven experience of co-ordinating project teams to successfully deliver analytical outputs to schedule, and deliver through others.
• [Desired] Develop people: Relevant experience of coaching and/or giving technical direction to others.
Our Approach to Inclusion

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 5,000 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 each month by the Monetary Policy Committee (MPC) to meet the inflation target. We are closely linked to the MPC Unit, which supports the external members of the MPC. Department overview The Monetary Analysis (MA) Mission Statement is: We provide expert advice and guidance to the MPC so that it can decide and communicate the right policy strategy to meet its price stability objective. MA consists of five divisions plus the Bank's Agency network and the new Monetary Policy Transformation Unit, 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. 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.

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. 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. This role offers a salary as follows: Leeds ranging from £63,800 to £73,620. London from £70,900 to £81,810. 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 your pension (to 1/50th) or decrease (to 1/120th) in exchange for salary through our flexible benefits programme each year.
• A discretionary performance award based on a current award pool.
• An 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.
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