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Minutes published by the Bank of England record a 17 September 2026 Court of Directors meeting covering the Governor’s update on quantitative tightening, staff and technology changes, and the Bank’s location strategy. Directors noted progress toward a target of 500 staff in Leeds by the end of 2027; the minutes do not give a final cost or completion date for the programme.
The Bank of England’s Court of Directors discussed the Bank’s annual quantitative tightening decision, changes to staff office attendance and its Leeds location programme at a meeting on 17 September 2026, according to minutes published by the Bank. Directors heard that the programme was progressing toward a target of 500 staff in Leeds by the end of 2027, while the minutes record no new monetary-policy decision by the Court.
Governor Andrew Bailey updated the Court on international discussions at Jackson Hole and the G20 meeting in North Carolina, and noted that the United Kingdom would take over the G20 presidency the following year. After the Monetary Policy Committee’s announcement at noon, Bailey also briefed directors on the MPC’s annual quantitative tightening (QT) decision and technical discussions with HM Treasury arising from it. The published record does not set out the decision’s operational details.
Chief Operating Officer Sarah John told the meeting that a new office-attendance requirement would take effect on 1 October, requiring staff to be in the office 50% of the time. She also reported that some older technology systems were becoming increasingly costly to support. The Bank’s VISTA data-analysis system had gone live and was undergoing testing and configuration, a step toward reducing reliance on the legacy FAME platform for monetary analysis.
On the Location Strategy Programme, directors heard that the Leeds staffing target remained 500 by the end of 2027. The minutes say the programme’s business case, including its use of contingency funding, remained positive and that the contingency amount had been independently reviewed and considered acceptable. Additional work, such as work on the museum, would be considered separately. The Chair stressed the need for value for money.
Staff, systems and Leeds plans
The minutes offer a snapshot of how the Bank is managing its organisation alongside its central-bank responsibilities. The 50% office-attendance rule affects staff working arrangements, while the Leeds target reflects a longer-term change in where the Bank’s workforce is based. Both are operational matters rather than changes to interest rates or other monetary-policy settings.
The technology update matters because VISTA is intended to support monetary analysis and reduce dependence on legacy FAME systems. The record confirms that VISTA was live but still in testing and configuration; it does not say that the older platform has been retired. For the Leeds programme, directors’ discussion of contingency and value for money shows oversight of cost management, but the minutes do not provide spending totals.
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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 includes executive members from the Bank and non-executive directors, and is required to meet at least seven times a year.
The September minutes also record routine governance business: directors declared no conflicts for the agenda and approved the minutes of the 16 July 2026 meeting. The Chair welcomed David Craig and Deputy Governor Katharine Braddick to their first Court meetings. Other agenda items included communications, staff survey findings, union matters and preparation for the recruitment process to replace Deputy Governor for Markets and Banking Dave Ramsden when his term ends the following year.
“New requirements around office attendance — with staff required to be in the office 50% of the time — would come into force on 1 October.”
— Sarah John, Chief Operating Officer, as recorded in the minutes
Details not set out in minutes
The published record does not provide the technical terms or financial implications of the MPC’s annual QT decision, nor does it describe the resulting discussions with HM Treasury in detail. Those references document a briefing to the Court, not a separate decision made by the directors.
It is also unclear from the minutes how much the Leeds programme is expected to cost, whether its timetable has changed, or what specific works are covered by the current business case. The record gives no date for VISTA to complete testing or for the Bank to end its reliance on FAME. The source text supplied for the meeting record ends during its account of the Unite the Union presentation, so it does not establish the full outcome of that agenda item.
Upcoming Bank milestones
The staff office-attendance requirement is scheduled to take effect on 1 October 2026. The Bank’s next reported steps on VISTA are testing and configuration; the minutes set no completion deadline. Its location programme is working toward 500 staff in Leeds by the end of 2027, with any additional works, including possible museum work, to be considered separately.
The Chair was also preparing for recruitment of a Deputy Governor for Markets and Banking ahead of Dave Ramsden’s term ending the following year. The minutes do not give a recruitment timetable. Further detail on the QT decision and its operational consequences would need to come from the MPC or the Bank’s subsequent communications.
Key Questions
Did the Court of Directors change interest rates?
The minutes do not record a rate decision by the Court. They say Governor Andrew Bailey briefed directors on the MPC’s annual quantitative tightening decision after an MPC announcement.
What office-attendance rule did the Bank discuss?
Chief Operating Officer Sarah John said the new requirement would take effect on 1 October 2026, with staff expected to be in the office 50% of the time.
What is the Leeds staffing target?
The minutes say the Bank was progressing toward a target of 500 staff in Leeds by the end of 2027. They do not state a final programme cost.
What did the minutes say about VISTA?
The VISTA data-analysis system had gone live and was undergoing testing and configuration. The Bank described it as a first step toward ending reliance on FAME for monetary analysis; no retirement date for FAME was given.
Source: bankofengland.co.uk
