Carney Looking to Cost Cutting at BOE

McKinsey, the US management consultancy firm, will help chief operating officer Charlotte Hogg – who previously worked at McKinsey – examine the Bank’s working methods. It will make sure the institution is organised properly to support its inflation-fighting and financial stability mandates.

Deloitte, meanwhile, one of the “Big Four” accounting firms, has been recruited to conduct a “value for money” study of the Bank’s basic functions in its “central services” support division, including human resources and IT.

The contracts demonstrate new Governor Mr Carney’s determination to modernise and professionalise Britain’s central bank as it absorbs the remnants of the Financial Services Authority and takes responsibility for bank supervision. Earlier this year, he told MPs the Bank would need “an effective, efficient central support function to serve all areas of the expanded institution [and] ensure value for taxpayers”.


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