§ Mr. Austin MitchellTo ask the Chancellor of the Exchequer how many Bank of England staff are analogous to the civil service grades of assistant secretary, grade 5, and above; how their pay scales differ from those of their civil service analogues; and what assessment he has made of the way in which limits which have been placed by the Government on civil service pay increases have been and will continue to be applied by the Bank.
§ Mr. DorrellThe Bank of England does not employ civil service grades or grades that are directly analogous. Under the approach to public sector pay in 1994–95, Government Departments will be expected to offset pay increases for their staff with efficiency savings, and we would expect the Bank of England to follow a similar course. The previous approach to public sector pay, limiting settlements to the range zero to 1.5 per cent., has been implemented successfuly throughout the public sector including the civil service and the Bank of England.