Bank of England puts cloud analytics on todo list after seeing off market collapse
The Bank of England had a busy end to September. On Wednesday last week, it said it would buy £65 billion of government bonds after the pound tumbled to historic lows and pensions funds went into meltdown, all seemingly the result of the government's mini-budget days earlier.. Whatever the politics, within the Bank of England's remit is to ensure monetary and financial stability – and to do so, it leans heavily on data.
"When events like the pandemic, or the war in Ukraine, trigger changes in the macro-economy, which trigger changes in the forecasts… it feeds through to in that way," he said. "It is sort of a bit of a heterogeneous picture at the moment and the medium-term vision is to be migrating the data analytics workloads to cloud," he said.
Speaking at the Teradata event in London this week, Eckley said:"As regulators we are responsible for monetary and financial stability: we need to stabilise an incredibly complex global system. We need to be able to see where the risks are so we can mitigate them. We need lots of data and firms spend hundreds of millions if not billions of pounds per year in the UK along assembling that data. And yet the data is of variable quality and not always fit for purpose.
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