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Nine in 10 Bank of England staffers get bonuses as inflation soars

Section: Daily Dispatches

By Laura Onita
The Telegraph, London
Sunday, August 14, 2022

Nine in 10 employees at the Bank of England were handed bonuses last year even as inflation soared beyond its 2% target.

A total of 4,263 workers, accounting for about 90% of its workforce, received a bonus last year, disclosures show. The highest payouts were between L15,000 and L20,000, with 34 members of staff getting rewards in this range.

... Dispatch continues below ...


Relevant Gold Announces Trading, 
Begins Drilling at Golden Buffalo Site

Company Announcement
Wednesday, August 10, 2022

VANCOUVER, British Columbia, Canada -- Relevant Gold Corp. today announced that is has filed its non-offering prospectus with the British Columbia Securities Commission and has received approval to list the company's common shares on the Canadian Securities Exchange. The prospectus was filed to qualify the distribution of the common shares previously issued by the company. No securities were sold and no proceeds were raised pursuant to the prospectus. Relevant Gold’s common shares are expected to begin trading on August 11 under the symbol RGC.

In March 2022 the company completed a non-brokered private placement financing that raised gross proceeds of C$5.703 million. Relevant Gold issued 16,293,862 common shares at C$0.35 pursuant to the private placement.

"Relevant Gold is strongly positioned as we head into the exploration season and we are excited about the opportunities before us," Relevant Gold CEO Rob Bergmann said. "The capital we raised this spring gave us the runway we needed to secure a drilling contractor and advance our flagship asset, Golden Buffalo, to the point of commencing drilling in July. On behalf of the board I thank our shareholders for their continued support as we make the transition from private to public company and begin drilling exploration of our first Wyoming asset." ...

... For the remainder of the announcement:

More than 300 employees received a bonus between L10,000 and L15,000 and 1,733 were awarded between L5,000 and L10,000. In total, the central bank spent L23 million on variable compensation last year.

The disclosures are likely to heighten scrutiny of the central bank and leave it open to accusations of rewarding failure. Inflation has soared to a 40-year high over the last year, crossing the Bank’s 2% target in May 2021 and hitting 9.4% in June. 

July’s data, due on Wednesday, is expected to show price rises accelerated to 9.8% and Threadneedle Street expects inflation to peak above 13% later this year. ...

... For the remainder of the report:

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