Regulation

Bank of England heads off strike action despite below-inflation pay hike

Central bank's 3.5% hike does enough to stave off union discontent

Governor Andrew Bailey held his own pay at £598,000
Governor Andrew Bailey held his own pay at £598,000 Photo: Erik Flyg/Getty Images

The Bank of England has headed off a potential staff strike after agreeing to a 3.5% pay rise for its 4,200 staff.

The central bank will also be offering a 1% salary top-up, with the most support going to the lowest paid in its ranks, and a 1% benefits uplift that can also be taken in cash.

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