The objective of the International Directorate is to maintain the safe economic and financial openness of the UK economy.   We achieve that objective in two ways.  First, by monitoring and assessing the impact of the risks to the global economy and financial system on the UK, feeding analysis and assessment into all of the Bank’s statutory policy committees.  Secondly, ID sets the international strategy for the Bank and leads much of the Bank’s engagement in international policy fora, pursuing an international policy agenda to address the risks to the global system we identify.

The role involves supporting the directorate’s international engagement on climate issues, including the macroeconomic implications of the climate transition, and so straddles two divisions – the Policy and Strategy Division (PSD) and the Global Analysis Division (GAD). PSD is responsible for ensuring that the Bank takes a strategic and effective approach to progressing policy issues internationally, working with colleagues across the Bank, the UK authorities as well as with counterparts bilaterally and multilaterally. GAD provides analysis and research on the global economic outlook and the risks around that, including cross-country spillovers, to support the MPC and FPC as well as the Bank’s international engagement on macroeconomic issues. The role will also involve close liaison with the Bank’s climate hub, which is also located within the International Directorate.

Job description

This role provides a unique opportunity to shape the Bank’s international engagement on climate issues, in line with its objectives and remit, and in particular the macroeconomic implications of climate transition. ID is heavily involved in discussions on climate issues across a number of multilateral fora, including the Network for Greening the Financial System (NGFS), the G7 Working Group on Climate Change Mitigation (WG CCM) and the G20 Sustainable Finance Working Group (SFWG). The jobholder will play a core role in shaping our involvement in these groups in a variety of ways. They will need to support seniors, oversee the delivery of key international outputs, and represent the Bank themselves. They will work particularly closely with the Executive Director of ID to support their external climate participation, including in relevant NGFS and G7 groups. The role also involves internal liaison to ensure that research and analysis on macroeconomic aspects of climate change supports the Bank’s external as well as internal objectives. While there is no formal line management associated with this role, working alongside and through others is a core part of the job.

More specifically, the job involves:

  •  Actively influencing the climate priorities of others in international settings, particularly those in leadership and Presidency roles, to advance the Bank’s own international strategic priorities.
  •  Shaping, driving forwards and delivering an ambitious agenda for the second phase of the NGFS Workstream on Monetary Policy’s work program, focused on monetary policy strategy and embedding macroeconomic modelling toolkits. This is pioneering international work and an important opportunity for the Bank to demonstrate international thought leadership.
  •  Leading on the drafting for a range of external speaking engagements for the Executive Director with responsibility for the Bank’s climate policy work and as Chair of the NGFS Workstream on Monetary Policy.
  •  Overseeing the Bank’s involvement in the G7 WG CCM, coordinating closely with HMT as needed, including providing analytical steers and appropriate briefing to seniors ahead of key G7 meetings. Deputising for the Executive Director of ID (the Bank representative) as required.
  •  One of the two Bank respresentatives on the G20 Sustainable Finance Working Group (this is likely to require some travel).
  •  Working closely with research and analytical staff across the Bank to progress our internal research priorities, including semi regular engagement with the MPC, for example via special topics meetings.
  •  Developing and maintaining a strong international network with peers across central banks, international organisations and finance ministries.

The climate change agenda continues to evolve, and in turn so does the work required by the Bank to meet its objectives and remit.  In turn, aspects of this job will likely also evolve over time.

Role Requirements

Minimum Essential Criteria

  •  Knowledge of climate issues and a desire to develop expertise on the macroeconomic implications of climate change and the climate transition.
  •  Strong analytical skills and a sound understanding of macroeconomics.
  •  A strong track record on stakeholder management and influencing others.
  •  The ability to act independently and drive progress working through others (both internally and externally).
  •  A successful focus on delivery, with the ability to balance deadlines and priorities while working under pressure.
  •  An ability to communicate clearly and convincingly with seniors and wider stakeholders, by distilling complex issues into their essentials (both in writing and verbally).
  •  The ability to develop effective relationships with a diverse range of contacts, across levels of seniority, both within the Bank and externally.
  •  A demonstrated commitment to diversity and inclusion.

Desirable Criteria

  •  Experience in international engagement.

Our Approach to Inclusion

The Bank values diversity, equity 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.

At the Bank of England we want all 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 at their best 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 us in making adjustments for candidates and employees in the recruitment process where they’re needed.

For most roles where work can be carried out at home, we aim for colleagues to spend half of their time in the office, with a minimum of 40% per month.  Subject to that minimum requirement, individuals and managers should work together to find what works best for them, their team and stakeholders.

Finally, we’re proud to be a member of the Disability Confident Scheme. If you wish to apply under this scheme, you should check the box in the ‘Candidate Personal Information’ under the ‘Disability Confident Scheme’ section of the application.

Salary and Benefits Information

This specific role offers a base salary of circa £87,750 – £93,00 per annum (depending on skills and experience) on a full-time basis.  We encourage flexible working, part time working and job share arrangements.  Part time salary and benefits will be on a pro-rated basis as appropriate.

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.