Bank of England reaches agreement with striking workers over pay

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The Bank of England has reached an agreement with its striking workers over pay.

Maintenance, security and hospitality staff at Threadneedle Street walked out for three days in August over a 1 per cent pay rise offer, the first strike to affect the central bank since the 1960s.

But on Tuesday Unite, the union represented the Bank's staff, said its members had voted to accept a revised offer, which includes extra annual leave for some members and a top-up for lower paid staff in the next pay review.

"Unite members have shown that by standing firm against an employer attempting to ignore their rights they can succeed," said Mercedes Sanchez, the Unite regional officer.

"Unite will now be involved in all future pay negotiations at the bank from the outset. We welcome the bank’s new commitment for fair pay for all its staff."

The Bank also welcomed the agreement.

“The proposal that has been agreed includes a range of measures focused on improving our relationship with Unite and involving them more in pay discussions,” a spokesperson said.

“We hope this leads to a more productive relationship with the union going forward.”

Unite balloted its members last month, with 60 per cent voting to accept the revised offer.

Despite being free to decide its own pay increases, the Bank had decided to adopt the 1 per cent pay cap that the Government had imposed on the rest of the public sector.

There have been reports that the Government is planning to relax its own public sector pay cap, amid widespread anger over the long squeeze on living standards to which it has contributed.