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Policy Adviser

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.

We’re looking for a Policy Adviser to join our Emerging Risks and Special Projects (ERSP) Division, which is part of the Financial Stability, Strategy and Risk (FSSR) Directorate. The FSSR Directorate works towards a financial system that serves households and businesses in bad times as well as good; our responsibilities include helping the Financial Policy Committee identify risks to UK financial stability and developing policy solutions to address them. FSSR sits within the Financial Stability Deputy Governorship (DGFS) – you can read more about DGFS and the Bank’s structure here.

Within FSSR, Emerging Risks and Special Projects (ERSP) is in charge of understanding and mitigating risks to financial stability generated by the financial system as a whole, or from emerging developments. Our current areas of focus are: FS risk assessment and policy design for crypto and digital money; designing and running the first stress test of non-banks and the UK financial system; and developing thinking on system-wide stress testing.

As a Policy Adviser to join Emerging Risks and Special Projects, you’ll be focused primarily on analysing and modelling the macrofinancial implications of new forms of digital money, such as Central Bank Digital Currencies (CBDC) and stablecoins, and on providing policy advice with regards to their design or regulation, from a macroprudential risk perspective. You can read about the Bank’s previous work on these issues here, and here. You will be working on analysis and policy advice to support the work of the Financial Policy Committee, collaborating with colleagues from other areas of the Bank including Monetary Analysis, Bank Supervision, the CBDC Unit and Markets. You may also work on the FS risks posed by cryptoassets as well as their underlying technology. You can read about the Bank’s previous work on these issues here.

All Bank colleagues create personalised objectives with their manager. Yours might include:

• Leading and producing high quality analysis and modelling of the financial stability issues outlined above;
• Communicating analysis effectively by drafting notes and supporting presentations to policymakers, or contributing to Bank of England publications;
• Growing and applying your technical skills – such as developing analytical models or analysing large datasets;
• Making time to support the development and wellbeing of your colleagues

Please note we will shortly be advertising for another Policy Adviser role focused on system-wide stress testing in Emerging Risks and Special Projects, which may be of interest to you. This role will be advertised on our careers website.

• A keen interest in and curiosity about financial stability issues and policy decisions aimed at improving the resilience of the UK financial system.
• Ability to work collaboratively and openly with others, seeking diverse perspectives and challenging assumptions
• Strong analytical skills and a track record in using data and developing models (this could include specific expertise in macro-financial topics, but analytical expertise in other areas could also be suitable).
• A high-level understanding of the role of both banks and non-bank financial intermediaries within the financial system and with regards to the real economy.
• A demonstrated commitment to diversity and inclusion.
• Ability to communicate clearly and convincingly with decision-makers and wider partners (both in writing and verbally), including explaining technical material in an accessible way.
• Ability to drive multiple work streams independently with a focus on delivery.

• Willingness and ability to come up with new ways of doing things, both with regards to substance underpinning the work (eg analytical methods) and processes.
• Previous experience of working on macrofinancial issues, either in the UK or internationally.

You should not be put off applying if you do not meet all of these criteria – we would encourage you to get in touch to discuss what support you might need to close any gaps and/or any other skills you might have which you think could be helpful in role.

The Bank values diversity and inclusion – we play a key role in maintaining monetary and financial stability, and to do that effectively, we believe we need a workforce that reflects the society we serve. One way we support diversity and inclusion is through our staff-run networks, which are summarised here.

In FSSR, we want colleagues to feel valued and respected, so we're working hard to build an inclusive culture which supports people from all backgrounds and communities to be their best selves at work. We celebrate all forms of diversity, including (but not limited to) age, disability, ethnicity, gender, gender identity, race, religion, sexual orientation and socioeconomic status. We believe that it’s by drawing on different perspectives and experiences that we’ll continue to make the best decisions for the public.

We welcome applications from individuals who work flexibly, including job shares and part time working patterns. We've also partnered with external organisations to support with making adjustments for candidates and employees in the recruitment process where they're needed.

Where a role can be carried out from home, we are working towards colleagues spending at least half of their time in the office, so that we can all benefit from working together in person, while maintaining the flexibility offered by home working. From 6 June 2022, we expect colleagues to spend a minimum of 40% of their working time in the office per month. Subject to that minimum requirement, individuals and managers should work together to find what works best for them and their team.

We are also committed to making adjustments for candidates and employees where possible, and have partnered with external expert organisations to support us in this. We are a member of the Disability Confident scheme, summarised here, and people who wish to apply under this scheme should check the box in the ‘Candidate Personal Information’ under the ‘Disability Confident Scheme’ section of the application.

We anonymise applications so that our hiring managers will not be able to see your personal information when screening your application, including your CV. We therefore encourage you to take the time to complete the application form questions carefully and in detail, including your work history. The questions form an important part of the initial selection process, and any incomplete submissions will not be reviewed.

The Bank of England is a distinctive institution and our rewards are one of the things that set us apart. As well as enjoying a competitive salary you will work in a collaborative, inclusive environment, with a subsidised restaurant, flexible working opportunities and plenty of wellbeing initiatives.

This specific role offers a base salary range of £62,700 to £66,000 per annum (depending on skills and experience) on a full-time basis. In addition we also offer a comprehensive benefits package as detailed below.

• A non-contributory, career average pension giving you a guaranteed retirement benefit of 1/95th of your annual salary for every year worked. There is the option to increase your pension (to 1/50th) or decrease (to 1/120th) in exchange for salary through our flexible benefits programme each year.
• A discretionary performance award based on a current award pool.
• A 8% benefits allowance with the option to take as salary or purchase a wide range of flexible benefits.
• 26 days annual leave with option to buy up to 12 additional days through flexible benefits.
• Private medical insurance and income protection.

Employment in this role will be subject to National Security Vetting clearance and the passing of additional Bank security checks in accordance with Bank policy from time to time. Further information of vetting and security clearance requirements for the role will be provided to the successful applicant. Further information about how the Bank processes personal data for these purposes, is set out in the Bank’s Privacy Notice at Privacy and the Bank of England | Bank of England.

The Closing date for applications is 16 April. We expect to hold the first interviews at the beginning of May, and the second interview in mid-May.