Bank of England ‘spends £3m’ on data roles

The Bank of England quadrupled its data scientist payroll after Covid-19 hit, according to data from a Freedom of Information Act (FOI) request from the Parliament Street think tank.

Between 2017 and 2021, the bank spent almost £3 million on data scientist and data analyst roles.

The highest increase came between 2019 and 2020, during the pandemic, when the central bank’s total payroll for data scientist roles jumped from £224,579 to £914,472, an increase of 307 per cent.

During the same 12-month period, data analyst spending also grew sharply from £195,031 to £474,303.

The think tank said that prior to the pandemic, the Bank of England employed “fewer than 10” data scientists and “fewer than 10” data analysts, before a hiring drive saw the number of staff increase to 21 and 14 respectively.

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