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The Bank of England’s published minutes record a wide-ranging Court of Directors meeting on 17 September 2026, covering the Governor’s update on quantitative tightening, staff attendance rules and institutional projects. Directors said the Bank remained on course toward a target of 500 staff in Leeds by the end of 2027, while the minutes leave several implementation details and outcomes unspecified.
The Bank of England’s Court of Directors discussed the Monetary Policy Committee’s annual quantitative-tightening decision, staffing arrangements and major organisational projects at a meeting on 17 September 2026, according to minutes published by the central bank. The record also says the Bank was progressing toward a goal of 500 staff in Leeds by the end of 2027, but does not provide a revised schedule or cost breakdown for that programme.
Governor Andrew Bailey updated directors on recent developments, including discussions at Jackson Hole and a G20 meeting in North Carolina. Following the MPC’s announcement at noon, Bailey briefed the Court on its annual quantitative-tightening (QT) decision and technical discussions with HM Treasury arising from it. The minutes do not state the decision’s parameters or provide further detail on the Treasury discussions.
Chief Operating Officer Sarah John told the meeting that a new requirement for staff to work in the office 50% of the time would take effect on 1 October, following the Bank’s Flexibility Review. She also reported that older technology systems were becoming increasingly expensive to support. The Bank’s VISTA data-analysis system had gone live and was being tested and configured, described in the minutes as an initial step toward ending reliance on the legacy FAME platform for monetary analysis.
On the Location Strategy Programme, directors heard about progress toward the Leeds staffing target and considered ways to address delays in vetting contractors. The programme’s business case, including its contingency, was described as positive; the minutes say an independent review judged the overall contingency acceptable. The Chair stressed that the work must offer value for money. Separately, the Court heard that responses to staff survey results would be incorporated into directorate business plans and objectives rather than developed as a standalone set of initiatives.
Policy Operations and Bank Changes
The minutes give a view of how the Bank is managing its internal operations alongside monetary-policy work. The QT discussion involved both the MPC decision and technical engagement with HM Treasury, while the account of VISTA links technology investment to the Bank’s stated aim of moving away from an older analysis platform.
The Leeds target, office-attendance requirement and staff feedback affect the Bank’s workforce and its physical footprint. The record provides evidence of the issues being considered, but does not establish the final cost or delivery timetable for all projects. For readers, the distinction matters: the minutes document board discussion and updates, not a full implementation plan or independent evaluation of results.
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How the Court Oversees the Bank
The Bank describes its Court of Directors as a unitary board responsible for organisational strategy and budget, as well as key decisions on resourcing and appointments. It must meet at least seven times a year and includes executive members of the Bank and up to nine non-executive members.
The 17 September meeting was chaired by David Roberts. The published attendance list includes Governor Andrew Bailey and the Bank’s deputy governors, alongside non-executive directors; Tom Shropshire and Paul Nowak sent apologies. The minutes say the previous meeting’s record, from 16 July 2026, was approved. They also record discussion of communications priorities, including reaching younger audiences and improving geographical reach, and engagement with MPs and regional communities.
“it was critical that the works presented good value for money”
— Bank of England minutes, reporting the Chair’s remarks
Project Details Still Pending
The minutes do not give the substance or numerical settings of the MPC’s QT decision, nor spell out what technical discussions with HM Treasury will produce. They also do not specify the costs, milestones or any changes to the schedule for the Leeds programme. While directors heard that contractor vetting delays were being addressed and that contingency levels had been reviewed, the document does not describe the measures or set out the review’s underlying figures.
The record says the 50% office-attendance requirement would begin on 1 October, but does not explain how compliance will be monitored or whether exceptions apply. It also reports concerns among some staff about unclear job profiles after the Mutually Agreed Resignation scheme, without giving a response plan or indicating how many employees raised the issue. These minutes capture the meeting’s discussion; they do not resolve those questions.
Upcoming Delivery and Recruitment
The next dated step recorded is the start of the 50% office-attendance requirement on 1 October 2026. The Bank’s stated target is to have 500 staff in Leeds by the end of 2027. The minutes provide no interim headcount milestones, so progress against that target will depend on later updates.
The Chair also said preparations were under way for recruitment of the Deputy Governor for Markets and Banking, as Dave Ramsden’s term ends next year. The Bank’s subsequent public updates and future Court minutes may clarify recruitment timing, the location programme, technology testing and the follow-up to staff feedback. No specific publication date for those updates is provided in this record.
Key Questions
What was the main development recorded in the minutes?
The minutes document the Bank of England Court of Directors’ 17 September 2026 meeting, including a Governor’s update on the MPC’s annual quantitative-tightening decision and discussions about staffing, technology and the Bank’s location strategy.
Did the minutes explain the quantitative-tightening decision?
No. They say Andrew Bailey briefed directors on the annual QT decision and technical discussions with HM Treasury, but do not include the decision’s parameters or the details of those discussions.
What is changing for Bank staff?
The minutes say a requirement for staff to work in the office 50% of the time was due to take effect on 1 October 2026. They do not describe monitoring arrangements or exceptions.
What is the Bank’s Leeds target?
The Court heard that the Bank was making progress toward its target of 500 staff in Leeds by the end of 2027. The minutes do not provide a current headcount or interim milestones.
Source: bankofengland.co.uk
