In times of austerity, which we are all facing, you don’t expect to see the Bank of England splashing out £100,000 on a lavish summer party – it’s obscene to be honest and now, they’ve come under fire and rightly so!
The Bank of England has defended it’s spending on the lavish party, which saw the governor Mark Carney, joined by over 2,500 staff members and their families at the Bank’s sports ground in south-west London in July. The party featured a fun bouncy castle, a treasure hunt and even a cake bake-off – wow, this really was some party! The banks choir and band were also present, which set them back a pretty penny!
Planning a grand party on this scale isn’t like planning a kid’s party is it, which meant the party planners racked up a bill of more than £58,000 and that was just for the food and drink! Entertainment cost over £27,000, additional expenses, whatever they were, came in at £10,400 – which amounted to the grand sum of £95,674 excluding VAT!
It Was Covered!
Being partially funded by tax payers, means the public are a little bit miffed, but the banks spokesperson defended the do;
“Governors’ Day is a long-held tradition that is open to all employees, including their families, with the aim of recognising their hard work and dedication. The annual event is an important one for all Bank employees, and the Bank strongly believes that this carefully budgeted event is worthwhile.”
The bank insisted that the party was covered by its expenditure budget.
It’s not the first time the Bank of England has come under fire for its generosity with tax payer’s money! A few months ago, two of its US-based economic advisers ran up a bill for £390,000 – and that was purely for travel expenses over a period of just 30 months!
Splashing the cash seems to be the norm within this circle as Mr Carney claimed more than £50,000 in expenses between March and May this year – that’s two months! Safe to say, he has received some criticism, but he hasn’t batted an eyelid.
This news coming at a time with so much uncertainty surrounding Brexit, is like downing a bucket of cold sick – or more so, playing at online casinos with no chance of winning! Experts believe that Theresa May’s Brexit will see us poorer than we would have been if we remained in the EU!