High public debt, government corruption, outlandish bonuses and hand-wringing about work-life balance: it sounds like modern Britain.
But this was 1783. The War of Independence in America had plunged Britain into £250 million of debt, the public was outraged by tales of corrupt politicians and the Bank of England was keen to show that it was efficient and worthy of its independence.
In one of the first insights into 18th-century office life, Anne Murphy, lecturer in history at the University of Hertfordshire, has trawled the archives at the Bank of England looking at its working practices. She presents her findings at the Economic History Society’s annual conference today.
The bank was a significant employer at the time, with 321 staff. Senior staff often worked short hours — from 9am to 3.30pm — and took home salaries of between £180 and £250 a year. Top bankers could be awarded up to £100 a year in bonuses. They also had the luxury of final salary pension schemes collected, often, after working for as many as 30 or 40 years at the Bank.
In contrast, junior clerks worked long hours, six days a week and rarely took holidays — even bank holidays. On the bright side, almost all Bank staff took long lunch breaks — 1½ hours was usual.
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Junior staff had to pass rigorous exams to join. One test was to count ten piles of money — yet it was so difficult that only 10 per cent passed. Once at the Bank, junior clerks were paid £50 a year, although they did receive occasional bonuses.
Dr Murphy said that the Bank commissioned an inquiry to prove that it was corruption-free and efficient enough to remain independent. It found that “too many bankers were taking tips and gratuities to provide better or faster service to customers”. Customers, also complained frequently about the slow and inefficient service.