The Bank of England under expenditure budget scrutiny

The Bank of England is under scrutiny after Freedom of Information request uncovers expenditure budget figures.

It has been revealed that the Bank of England spent almost £100,000 to throw a summer party for its 2,500 employees and their families. The Bank’s annual Governors’ Day event, which was held at its sports ground in Roehampton, south-west London, included a bake-off, a fun run and a treasure hunt, among other things. The Governors’ Day event saw the Bank spend more than £58,000, excluding VAT, on food and drink, more than £27,000 on entertainment, while £10,400 was spent on other expenses.

The party cost £95,674 in total, excluding VAT, a freedom of information request by the Press Association has revealed. The details come just a month after figures showed Mark Carney, Governor of the Bank of England,  claimed more than £50,000 in travel expenses between March and May.
Amid rising criticism over high expenses claims from senior officials at the Bank, Mr Carney spent about £16,800 a month between March and May – totalling £50,664 – on foreign business travel, car hire and taxis.

Mr Carney, who earned up to £900,000 last year, and two of his closest advisers, Donald Kohn and Anil Kashyap, were forced to justify their ‘staggering’ claims to a select committee in June. The Bank insisted its summer party was ‘carefully budgeted’ and was funded within its expenditure budget. But it comes at a time when the UK is reining is spending amid Brexit concerns. The Bank has warned business investment is predicted to come to a halt this year as Brexit worries make their impact on company spending decisions.