The Bank of England has defended spending £100,000 on its summer party, saying it “carefully budgeted” for the lavish event.
The governor, Mark Carney, joined over 2,500 staff and their families at the Bank’s sports ground in Roehampton, south-west London, in July, which featured a bake-off competition, a treasure hunt, fun run and bouncy castle. Employees were also treated to performances by the Bank of England’s choir and band.
Party planners racked up a bill of more than £58,000 for food and drink alone, according to a Freedom of Information request lodged by the Press Association. More than £27,000 was spent on entertainment, and £10,400 on “additional expenses”, with the total being £95,674, excluding VAT.
A spokesman for the Bank, which is partly funded by taxpayers, said: “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 cost of Threadneedle Street’s Christmas drinks reception last year pales in comparison with the summer party at £4,700, although £682 of that was spent on 70 bottles of wine.
The Bank was criticised by MPs earlier this year after two of its US-based economic advisers ran up a £390,000 bill for travel expenses over two-and-a-half years.
Anil Kashyap, who serves as an external member of the Bank’s financial policy committee, spent £11,000 on a flight from Chicago to London. His colleague Donald Kohn was found to have separately submitted expenses for an £8,000 flight from Washington to London and £469 on taxis for one meeting.
