Bank of England Court Approves QT Update, Mandates 50% Office Return, Confirms Leeds Expansion

The Bank of England's Court of Directors convened on 17 September 2026 under Chair David Roberts, with Governor Andrew Bailey and the full Deputy Governor cohort in attendance. The meeting followed the Monetary Policy Committee's 12pm announcement of its annual Quantitative Tightening (QT) decision, prompting an immediate briefing to Court on the policy parameters and the resulting technical discussions with HM Treasury on operational consequences.

Monetary Policy Coordination and QT Implementation

Governor Bailey updated Court on the MPC's QT decision announced earlier that day, noting that subsequent operational discussions with HM Treasury staff had demonstrated a strong working relationship. Deputy Governor Dave Ramsden confirmed the coordination on the decision's consequences, though the minutes do not disclose the specific QT parameters — such as the annual gilt sales target or maturity profile adjustments — leaving market participants to await the full MPC publication for details.

The meeting also heard that the UK will assume the G20 presidency in 2027, following discussions at the recent G20 meeting in North Carolina and the Jackson Hole symposium, positioning the Bank for a heightened international coordination role.

Monetary Policy Transformation: VISTA Replaces FAME

Chief Operating Officer Sarah John reported that the VISTA system for data analysis has gone live, marking the first step in ending reliance on the legacy FAME platform for monetary analysis. The system is now undergoing testing and configuration, delivering a key objective of the Monetary Policy Transformation Programme. This infrastructure upgrade is critical for enhancing the Bank's analytical capacity ahead of the G20 presidency and ongoing QT operations.

John also flagged that older systems across the Bank carry increasingly high support costs, suggesting further technology modernization investments may follow.

Operational Reset: 50% Office Attendance Mandate

Following the Flexibility Review, Court was informed that new office attendance requirements — mandating staff presence 50% of the time — will take effect on 1 October 2026. The policy represents a structured return to workplace norms after pandemic-era flexibility, aligning with broader public and private sector trends. The mandate applies across Central Services and supports the Bank's broader Location Strategy.

Leeds Hub Expansion and Estate Strategy

Directors noted progress toward the target of 500 staff in Leeds by the end of 2027. The Location Strategy Programme's business case, including contingency use, remains positive per Chief Financial Officer Afua Kyei. Contingency amounts have been independently reviewed and deemed acceptable, though any additional works — such as museum developments — will be assessed separately. Chair Roberts emphasized that all works must present good value for money.

Vivienne Grafton outlined approaches to expedite contractor vetting delays, a practical bottleneck in the expansion timeline.

Governance and Succession Planning

Chair Roberts highlighted two priority workstreams: non-executive appointments to Court and preparation for the recruitment of the Deputy Governor for Markets and Banking, as Dave Ramsden's term concludes in 2027. Roberts and Deputy Governor Katharine Braddick have also engaged with Parliamentarians on the Financial Services and Markets Bill. The Court welcomed David Craig and Braddick to their first meetings.

Communications strategy discussions focused on targeting younger demographics and ensuring geographical reach across the UK, alongside approaches to MP engagement.