Deputy Agent, Greater London Agency

15 Sep 2020
15 Sep 2020
Clearance Level
DV, None / Undisclosed, SC
Job Type
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 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 Bank's Network of Agents across the UK plays a key role in supporting the core purposes of the Bank by gathering and using business intelligence to brief policymakers, and representing the Bank around the country. The work of the Agents contributes directly to the formulation of monetary and financial policy in the UK.
The Network consists of 12 Agencies located around the UK. Agents bring the daily reality of the UK economy into the Bank, through our strong local relationships. We act as a crucial link between the Bank and businesses and community organisations. We provide a unique business intelligence gathering service which is a key input into policy processes. We also engage with other organisations, such as charities and schools, as well as holding local events so that people can share views and experiences.

Job description
The Agencies are the 'eyes, ears and mouth' of the Bank in their respective parts of the United Kingdom.
As Deputy Agent, you will be part of a team that plays a crucial role in informing the Monetary Policy Committee's (MPC) and the Financial Policy Committee's (FPC) assessment of the economic and financial environment through gathering, analysing and reporting economic intelligence from regular meetings with your network of contacts. We talk to hundreds of senior contacts from a wide range of organisations - from small businesses and community groups to large global companies - across all sectors of the economy. We gain a fascinating insight into how businesses are operating and their future plans. This gives us an outstanding insight into how the real economy is evolving and the factors driving those developments.
Prior to Covid, most meetings with contacts were face to face, at the contact's premises, and the job entailed a fair bit of travel around Greater London, typically by public transport. Since the outbreak of Covid, all meetings with contacts have been carried out by phone / video call from home. We expect this to continue for some time. Once it is appropriate, the job will likely involve a mix of making phone calls from home / the Bank of England office, and travelling to business premises.
We feed the intelligence gathered from those meetings into our economic assessments, to make sure that policymakers have a well-rounded view of economic conditions and prospects. We collate Agency intelligence from around the Network and present it directly to the MPC.
We also play an important role in communicating policymakers' core messages to business contacts and other local audiences in Greater London. For example, we give regular presentations on the Monetary Policy Report and Financial Stability Report in order to support a widespread understanding and trust of the monetary and financial policy framework.
The Agency Network has also played a key role in the Bank's strategic priority on Outreach and Education. We engage with schools and charities, as well as taking part in local events to capture a wide range of views.
In addition, we organise interactions between our policymakers and our local contacts, so that they can hear the views of businesses and communities first-hand. Through hosting those meetings, you will interact directly with senior staff from around the Bank. It will also be important to build relationships with colleagues from around the Network and across the Bank.
Within the Network, each Agency has an 'Area of Expertise'. Greater London focuses on Financial Stability issues, and Credit Conditions. This involves collating intelligence gathered from across the Network on issues like the availability of finance for businesses, and any trends in bad debts.
For more information on the role of the Agents, please see the Quarterly Bulletin article "The Agencies and 'One Bank'" and the Agencies internet page.
The Greater London Agency is managed by the Agent - Rob Elder, with a team of three Deputies, and three support staff.

Role Requirements

Minimum Essential Criteria

You should:
  • Have an interest in economics and business, evident in your academic qualifications, and your career history.
  • Have experience of establishing and developing relationships with senior members of staff, either within your organisation or the business community.
  • Be able to use analytical skills to assess the qualitative and quantitative information collected from contacts. This would include using Excel to analyse data from surveys.
  • Have the ability to gain a good understanding of the Bank's approach to monetary and financial policy and its policy framework more generally.
  • Be able to present information in a clear and effective way to a range of audiences, large or small, experts or general public, both written and in presentations.
  • Have good judgement and discretion.

We anonymise applications so hiring managers will not be able to see your personal information, your original CV or any covering letters when reviewing your submission.

Please complete work history and the application form questions as requested because incomplete submissions will not be reviewed.

This role is open to job shares, flexible and part time working patterns.

This specific role offers a base salary of £59,400.

The total package also includes:
  • A non-contributory, career average pension giving you a guaranteed retirement benefit of 1/95th of your annual salary for every year worked.
  • A discretionary performance award based on a current award pool and target award of 10%, with a maximum potential award of 25%
  • A 7% benefits allowance with the option to take as salary or purchase a wide range of flexible benefits
  • 25 days annual leave with option to buy up to 13 additional days through flexible benefits
  • Private medical insurance and income protection insurance

The closing date for applications is 5 October 2020.

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

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