The Bank of England has announced the removal of 100 positions in the biggest cull in over a decade.

The cuts come as part of a efficiency drive as part of a review designed to deliver savings of £18 million.

Jobs affected include IT and HR staff, with the Bank claiming that the reforms will improve efficiency, with the job cuts being made to the 3,600 workforce avoiding key staff members.

The statement detailed: "The changes will provide new opportunities for some staff, as they will move to new roles in the organisation. A number of other jobs will not be filled as staff retire or move on.

It is, however, envisaged that there will be between 80 and 100 redundancies, subject to staff consultation. The Bank is working closely with the Bank's union to ensure that affected staff will receive support to find alternative employment".

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