Graduates look to BoE for jobs - graduate jobs

Accountancy and finance graduates looking for jobs have been alerted to the Bank of England embarking on its biggest hiring spree since 1987, in an effort to cope with the financial crisis.

The number of staff on permanent contracts at the central bank has risen from 1,579 in February last year to the current level of 1,666 - an increase of 6%. Staff bonuses also went up from 7% of the basic salary to 8.1%, as the Bank of England rewards employees for dealing with an "exceptional workload".

In February, the central bank was given new responsibilities in the Banking Act and in recent months there have been a series of historic steps at the Bank of England in an effort to rescue the ailing economy.

"The Bank's new statutory responsibility for financial stability is welcome," said Governor Mervyn King. "But, as I have made clear, I regret that the new responsibility has not been accompanied by any new powers to deal with banks before they fail."

"Responsibilities and powers need to be aligned," he added.