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The Bank of England has been hauled over the coals by a Common Select Committee in a searing critique of its outmoded technology estate, culture and procurement activities.
The Parliamentary Select Committee says the Bank’s practices offer a glimpse into the past, and calls for further action on staff diversity, outdated processes and the overall vision for modernisation.
“The Bank’s ICT systems are expensive and need updating, its procurement systems are not fit for purpose, there are too many job titles creating complexity and cost, and the estate is too large for its needs,” the report notes. “The Bank has not routinely and systematically benchmarked the costs of its central services with the public and private sectors.”
On IT, the Committee finds that
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