The Bank of England’s vast gold reserves — worth more than £200 billion — could be left exposed next month as security staff plan to walk out in a dispute over pay, union leaders

have warned.

Around 40 security guards employed by Amulet, the company contracted to protect the Bank, are set to strike for 24 hours beginning at 7 a.m. on November 13. A picket line is expected outside the Bank’s historic Threadneedle Street headquarters in central London.

The Bank’s underground vaults hold roughly 400,000 gold bars, making it the world’s second-largest store of bullion after the Federal Reserve in New York.

“A very disruptive strike”

Unite, the union representing the guards, said the striking workers are responsible for key perimeter and control room duties — roles critical to safeguarding the Bank’s operations.

“This will be a very disruptive strike that puts the Bank of England at risk,” said Keith Henderson, Unite’s regional officer. “Our members believe they have no choice but to take action. These are hardworking staff doing unsociable hours to protect one of the most important buildings in Britain. They deserve better.”

The union said the dispute stems from the Bank’s refusal to approve any pay increase this year, which it claims amounts to a “substantial real-terms pay cut” as inflation continues to run well above the Bank’s 2% target.

Contract tensions

Luton-based Amulet took over the Bank’s security contract earlier this year from outsourcing giant Mitie. Unite said it was previously able to negotiate pay directly, but that Amulet has since claimed any wage rise would have to be funded by the Bank itself.

Unite general secretary Sharon Graham called the situation “a complete disgrace,” accusing both the Bank and Amulet of “dragging their feet for months” only to deny staff a pay increase.

“The Bank of England can more than afford to pay these workers, who do a vital job protecting its assets,” she said. “Our members will have the union’s full backing in their fight for the fair pay rise they deserve.”

Rare unrest at the Bank

Industrial action at the Bank of England is highly unusual. The last major strike took place in 2017, when support staff walked out for three days over low pay — the first such protest at the Bank in half a century. Some workers famously donned Mark Carney masks in a jab at the then-governor, now Canada’s prime minister.

A Bank of England spokesperson said the institution had “full confidence” in its ability to maintain security during the strike.  “We have robust plans in place to mitigate any possible disruption,” the spokesperson said. “We expect our contractors to maintain their legal obligations and will take appropriate action if they do not.” Photo by Eluveitie, Wikimedia commons.