22

The Bank acknowledged that it is traditionally a hierarchical organisation.

Conclusion
The Bank acknowledged that it is traditionally a hierarchical organisation. For the programme, it was keen to encourage an open ‘no-surprises’ culture.46 It put in place a number of mechanisms to support such a culture, including a behaviour manifesto setting out expectations, a ‘transparency channel’ that allowed people to share concerns anonymously and various staff groups and events that provided regular opportunities for staff to engage with senior leaders.47 The Bank emphasised the importance of leaders buying into a ‘no-surprises’ culture, for example, in how they treat red flags in a risk report: “red means that we can go and ask for help. Red does not mean that you should be hiding it”.48
Government Response

A response document is linked to this report. Response attribution to this conclusion has not been verified. Read the response document.

Addressee Bodies
HM Treasury
Timeline
Recommendation age 0.4 yrs
Report published 29 Apr 2026