Job Description

The Bank of England is the UK's central bank. Our mission is to deliver monetary and financial stability for the British people.


The Bank of England is a diverse organisation. Each of its 5,000 plus people are committed to public service and dedicated to promoting the good of the people of the United Kingdom by maintaining monetary and financial stability.


The Monetary Analysis Directorate (MA) provides the core analytic support that underpins the setting of Bank Rate by the Monetary Policy Committee (MPC) to meet the inflation target. We are closely linked to the MPC Unit, which supports the external members of the MPC.

Department Overview

The Current Economic Conditions Division (CECD) is one of five divisions within MA. We work closely with other MA divisions on forecasting, scenario analysis, and supporting the MPC in its decision-making and communication.


CECD is responsible for providing the MPC with a real?time view of the current state of the UK economy and the near?term outlook. We do this by:


Providing timely updates on major UK economic data releases for policy makers. Drawing on a wide range of information sources--including official statistics, surveys, intelligence from the Bank's Agents, and non-traditional data--to analyse aggregate demand, the labour market, housing, firms' costs and prices, and ultimately inflation. Developing and refining a broad suite of models to produce nowcasts and near-term forecasts of economic activity, the labour market, the output gap, and inflation. Forming overall assessments of the near-term economic outlook that include evidence-based judgements, with narratives underpinned by our expertise in UK macroeconomic data and empirical analysis. Enhancing the Bank's access to and understanding of core UK macroeconomic data and engaging with the Office for National Statistics on data development.
The division is structured into four branches. Three focus on core economic themes: demand and output, the labour market, and costs and prices. The fourth--where successful candidates for this role will be based--is the Research and Modelling Branch. This branch leads on developing and applying innovative methodologies and analytical tools, drawing insights from academic literature to inform policy-relevant questions, and contributing to that literature through original research.

We are recruiting for two Research Economists to join the Current Economic Conditions Division (CECD) within the Monetary Analysis directorate (MA), including to assist in a rejuvenation of the modelling that underpins the MPC's nowcasts and near-term forecasts.


Responsibilities across roles will differ but could involve:


Supporting the production of nowcasts and short-term economic forecasts for the UK--particularly by ensuring that the division's forecasting and risk assessment tools remain at the forefront of applied macroeconomics research. Drawing on insights from academic literature and identifying innovative methodologies or data sources to analyse live questions about the economic outlook. This may include improving our understanding of the drivers of current economic conditions (e.g. identifying the source of shocks) and assessing how the UK economy aligns with or deviates from historical macroeconomic relationships. Undertaking original research on topics relevant to central bank policymaking. Researchers are expected to produce work of a high quality, with the aim of publishing in leading academic journals. Acting as a source of expertise within CECD and MA on macroeconomic analysis and time series econometrics--collaborating with and advising colleagues on analytical projects. Contributing to the wider research community within MA and the Bank. This includes linking the latest academic thinking in your field to the challenges facing the MPC and the Bank more broadly. Our research community spans a wide range of disciplines, united by a shared interest in central banking and public policy.
You will work closely with colleagues across CECD and the wider MA directorate. You will also have opportunities to engage directly with MPC members and contribute meaningfully to the policymaking process.

Role Requirements

Technical skills

Relevant qualifications

: A PhD in economics, finance or another relevant subject (or expect to complete one by end-2025).

Application of expertise

: Experience of drawing conclusions from varied and conflicting information sources in relevant area of expertise.

Application of statistical/economic skills

: Ability to work with a range of statistical/economic tools/models to infer conclusions from conflicting data sources.

Research/technical skills

: A research agenda. An ability to program in at least one major language (e.g. R, Python, MATLAB, Julia, etc.) and, ideally, an understanding of version control systems (e.g. Git).

[Desired] Model development

: Experience of developing macroeconomic or statistical models for nowcasting/ short-term forecasting (e.g. mixed-frequency models, dynamic factor models, Bayesian or Frequentist VARs, state-space systems, MIDAS models), or structural identification and inference.
Interpersonal skills

Work independently

: Ability to identify, scope and progress concrete pieces of analysis on complex issues.

Work with others

: Ability to work collaboratively and inclusively with colleagues, including via a network of contacts and a diverse range of stakeholders.

Communicate with impact

: Ability to explain complex material and convey key messages, in written and verbal form.

[Desired] Manage projects

: Experience of co-ordinating analytical projects.

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

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.
We offer a salary as follows:

Leeds circa 48,640 - 54,720

London circa 54,080 - 60,840

In addition, we also offer a comprehensive benefits package as detailed below:
Currently a non-contributory, career average pension giving you a guaranteed retirement benefit of 1/80th of your annual salary for every year worked. There is the option to increase your pension (to 1/65th) or decrease (to 1/105th) in exchange for salary through our flexible benefits programme each year. The Bank has the discretion to vary standard accrual rates and dial up and dial down rates at any time and to withdraw dial up and dial down options at any time. A discretionary performance award based on a current award pool. An 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.

National Security Vetting Process

Employment in this role will be subject to the National Security Vetting clearance process (and typically can take between 6 to 12 weeks post offer) and the passing of additional Bank security checks in accordance with the Bank policy. Further information regarding the vetting and security clearance requirements for the role will be provided to the successful applicant, and information about how the Bank processes personal data for these purposes, is set out in the Bank's Privacy Notice .
The Bank of England welcomes applications from all candidates, but as a UK Visas and Immigration (UKVI) approved sponsor, we have a responsibility to comply with the Immigration Rules and guidance. As such, our ability to employ individuals who require sponsorship for immigration purposes is limited. The Bank cannot guarantee that you and / or the role you are applying for will be eligible for sponsorship and that any application made to UKVI will be successful. Eligibility will therefore be considered on a case by case basis.

The Application Process

Important: Please ensure that you complete the 'work history' section and answer ALL the application questions fully.

All candidate applications are anonymised to ensure that our hiring managers will not be able to see your personal information, including your CV, when reviewing your application details at the screening stage. It's therefore really important that you fill out the work history and application form questions, as your answers will form a critical part of the initial selection process.

The assessment process will comprise of two assessment stages.

This role closes on 04 July 2025.

Please apply online, ensuring that you complete your work history and answer ALL the application questions fully and in detail as your application will not be considered if all mandatory questions are not fully completed.