Bank of England Faces Gold Reserve Security Risk Amid Strike Action

Union leaders are sounding the alarm over the security of the Bank of England’s vast gold reserves, as outsourced security staff plan a 24hour walkout next month following a pay dispute. The protest by around 40 Amulet employees, responsible for overseeing both the perimeter and control room of the iconic Threadneedle Street premises, will begin at 7am on 13 November.

The Bank’s vaults store an estimated 400000 gold bars valued over £200 billion, ranking the institution as the world’s second largest gold custodian after the Federal Reserve Bank of New York. With strike action looming, union Unite contends that the Bank’s refusal to grant a pay increase amid soaring inflation has left key security officers with little recourse.

Unite regional officer Keith Henderson described the strike as a necessary disruption, blaming the Bank and Amulet for failing to present a fair pay offer after months of negotiation. Amulet, which took over the security contract from Mitie earlier this year, has stated any upward adjustment to wages would depend on funding from the Bank itself.

Sharon Graham, Unite’s general secretary, criticised both Amulet and the Bank for what she characterised as a “disgrace” in delaying communication with staff only to announce that no pay rise would be forthcoming. With rising inflation almost double the Bank’s own 2% target, the lack of a salary boost represents a significant realterms reduction for many workers on the front line of safeguarding the nation’s gold.

Industrial action of this kind is exceedingly rare for the Bank of England, which last saw strike activity from support staff in 2017 after a fiftyyear pause. Despite assurances from Bank spokespersons of robust contingency planning, the dispute highlights ongoing tensions at the intersection of public institutions, outsourced labour and inflationary pressures within the UK economy.

Both the Bank and Amulet have been urged to revisit wage negotiations to avert disruption and maintain the security of one of the country’s most valuable assets.