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.
The International Directorate seeks:
- to analyse developments in, and risks to the United Kingdom from, the global economy and financial system;
- to devise, together with other directorates, appropriate responses to them in support of all the Bank's policy objectives; and
- to ensure that the Bank's engagement in international fora advances the Bank's international strategy for achieving these policy objectives.
The Global Analysis Division is one of three divisions in the Bank's International Directorate. It contributes to the full range of the directorate's three core objectives: identifying the major risks from global economic and financial developments and understanding their impact on the UK; co-ordinating and jointly determining the Bank's international strategy and policy lines in international fora; and being a centre of excellence for research and analysis on international issues of relevance to the Bank's mission.
The division is structured into two teams. The Global Outlook Team (GOT) provides analysis and a narrative around global developments and their implications for the UK. This includes producing a quarterly international forecast in conjunction with International Surveillance Division (ISD). The Research and Structural Policy Team conducts the bulk of the directorate's research work across a broad range of international issues, as well as providing policy analysis for the MPC and FPC and contributing to the Bank's thinking on the international monetary and financial system. Both teams contribute to the division's engagement with international fora such as the IMF, G20 and BIS meetings, working closely with colleagues in Policy and Strategy Division (PSD). Role description
The GOT is a collaborative and well-motivated team of ten, playing a key part in both the Monetary Policy Committee (MPC)'s forecast round and the Financial Policy Committee (FPC)'s risk assessment, as well as supporting the Bank's engagement in international policy fora. The team is in charge of the near- and medium-term global macro outlook and related macro-policy issues. As well as having responsibility for the development of key forecast analysis, scenario analysis and financial stability risk assessment, the team is consistently involved in broader pieces of high-profile, macro-financial policy analysis within the International Directorate (ID).
This vacancy offers an exciting opportunity to work on high-profile macroeconomic and financial policy analysis, and gain exposure to MPC and FPC policy processes, as well as preparation for international meetings. The successful applicant would be expected to undertake analysis to inform the MPC/FPC's view of the world outlook; contribute to bringing together the international forecast and, together with others in ID, help to form ID's view of the key drivers of developments in the world economy. The job involves:
• Analysis of current developments in world activity, world trade and commodity markets to inform policymakers via briefing meetings, and written briefings;
• Working with the rest of the team and colleagues in ISD to produce and communicate the MPC's quarterly global forecast;
• Thematic analysis exploring the key drivers of global developments and their impact on the UK's macro economy and/or financial stability. This includes contributing to work to drive the Bank's international policy agendas (i.e. for key IMF/ G20/ G7 processes);
• Working with others in ID to assess global risks to the UK for MPC and/or FPC, including working on the FPC/Prudential Risk Committee's annual stress test exercise; and
• Maintaining and improving the GOT's modelling toolkit and infrastructure for producing projections and scenarios to address live policy questions. Job Requirements Essential
• Experience in applied economic policy analysis that can be brought to bear on a broad range of issues;
• Strong oral and written communication skills;
• The ability to work across a range of issues balancing shorter-term priorities with longer-term pieces of analysis;
• Strong interpersonal and team-working skills. Useful but non-essential
• Experience of international macroeconomics;
• Understanding of structural macro models and econometric models (VARs);
• Practical programming skills and use of relevant packages (e.g. R, Matlab, Eviews). 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
We continue to build an inclusive culture where everyone can be their whole selves and produce their best work. Our focus on inclusion is intended to build greater diversity in order to reflect the society we serve and be an employer of choice.
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 salary of £35,700 - £41,580 (subject to experience and skillset)
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
T he closing date for applications is 3 August 2021.
Please apply online, ensuring that you answer the application questions, complete the work history and submit your CV.