One Bank will work together across all of its functions, connecting the Monetary Policy Committee, Financial Policy Committee and Prudential Regulation Authority via sharing of information and joint meetings.
The plan, which will be initiated over the next three years, follows a six month exercise led by the executive committee of the Bank.
Governor Mark Carney said: “In short, we are creating a central bank for the 21st century that combines the finest aspects of our history and traditions with the best of the modern and new.”
The Bank has launched a new mission statement: ‘Promoting the good of the people of the United Kingdom by maintaining monetary and financial stability.’
This is said to reflect how monetary and financial stability are pre-conditions for public good, while acknowledging the public service mission of the bank.
The Bank is promising to increase its sharing of data as widely as possible as well as becoming more transparent, accessible and informative.
The strategy also focuses on promoting a diverse and talented workforce, analytic excellence and outstanding execution.