Financial institution of England defends £100,000 summer time get together | Enterprise

The Financial institution of England has defended spending £100,000 on its summer time get together, saying it “fastidiously budgeted” for the lavish occasion.

The governor, Mark Carney, joined over 2,500 workers and their households on the Financial institution’s sports activities floor in Roehampton, south-west London, in July, which featured a bake-off competitors, a treasure hunt, enjoyable run and bouncy fort. Staff have been additionally handled to performances by the Financial institution of England’s choir and band.

Get together planners racked up a invoice of greater than £58,000 for foods and drinks alone, in accordance with a Freedom of Info request lodged by the Press Affiliation. Greater than £27,000 was spent on leisure, and £10,400 on “extra bills”, with the whole being £95,674, excluding VAT.

A spokesman for the Financial institution, which is partly funded by taxpayers, mentioned: “Governors’ Day is a long-held custom that’s open to all staff, together with their households, with the purpose of recognising their exhausting work and dedication.

“The annual occasion is a vital one for all Financial institution staff, and the Financial institution strongly believes that this fastidiously budgeted occasion is worth it.”

The price of Threadneedle Road’s Christmas drinks reception final 12 months pales compared with the summer time get together at £4,700, though £682 of that was spent on 70 bottles of wine.

The Financial institution was criticised by MPs earlier this 12 months after two of its US-based financial advisers ran up a £390,000 invoice for journey bills over two-and-a-half years.

Anil Kashyap, who serves as an exterior member of the Financial institution’s monetary coverage committee, spent £11,000 on a flight from Chicago to London. His colleague Donald Kohn was discovered to have individually submitted bills for an £8,000 flight from Washington to London and £469 on taxis for one assembly.

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