Source · Select Committees · Public Accounts Committee
Recommendation 10
10
Deferred
The Bank’s capacity to make complex and innovative deals is limited by the lack of...
Conclusion
The Bank’s capacity to make complex and innovative deals is limited by the lack of suitably qualified staff members. The Bank has worked with Treasury to complete recruitment to key senior leadership positions that were not filled at launch. At the time we took evidence in early November 2022 the Bank had 162 employees, of which 16 are permanent, the remainder being contractors or Treasury secondees. This is a shortfall against the Bank’s plan to recruit around 272 permanent employees by September 2023. The Bank reimburses interim staff at day rates. The Bank’s Chief Executive said that recruiting permanent staff is his biggest leadership challenge. The Bank told us that while it has very good temporary staff, “every (permanent) role is competed for” on quality, which is adding time to the recruitment process.26 The Bank added that it would “not compromise quality for speed” and wanted to wait for the right candidates.27
Government Response Summary
The Bank will provide the requested information to Parliament by the end of September 2023 and in March 2024 in addition to the information on the Bank’s operations which is already provided to Parliament through the Annual Reports and Accounts (ARA) process.
Government Response
Deferred
HM Government
Deferred
2.2 The final phase of the Bank’s roll-out will take place during 2023-24 – following the anticipated date of Royal Assent for the UKIB Bill and while the Bank completes its recruitment of its permanent workforce. The Bank will therefore provide the requested information to Parliament by the end of September 2023 and in March 2024 in addition to the information on the Bank’s operations which is already provided to Parliament through the Annual Reports and Accounts (ARA) process. After March 2024, the Bank will provide this information through the ARA process only.