Bank of England's £200bn gold reserves at risk as security guards announce strike

One of the world’s largest gold reserves at Bank of England are at high risk as approximately 40 security guards at the bank has announced a 24-hour strike on November 13 in a dispute over pay.

The workers, represented by the United union, maintained that the bank’s refusal to grant a pay increase this year amounts to be a substantial real-terms pay cut amid persistently high inflation.

The contractor “Amulet” has employed the security staff which is responsible for perimeter security and control room operations at the Threadneedle Street headquarters, where over 400,000 golad bars worth around £200 billion are placed.

Due to such a massive gold repository, Bank of England is considered as the world’s second-largest gold repository after the Federal Reserve Bank of New York.

Amid the strike announcement, Union officials have issued warnings about the potential “vulnerability” during the strike action.

“Keith Henderson, a Unite regional officer, stated, “This will be a very disruptive strike that puts the Bank of England at risk.”

He further explained that workers felt they had “no choices but to take action” as negotiations lasted seven months but yielded no positive outcome.

The announcement comes days after the recent heist at Louvre Museum in paris where thieves stole crown jewels estimated around £100 million. Due to which, security of all significant reserves are already at high risks.

Unite General Secretary Sharon Graham criticised the situation as a “complete disgrace,” slamming Bank of Englans as they are putting the national reserves at risk noting, “The Bank of England can more than afford to pay these workers, who do a vital job protecting its assets.”

Addressing to the ongoing concerns, a spokesperson of Bank of England stated, “full confidence in our ability to maintain the security of the Bank.”

As per the spokesperson statement, Bank has also formulated “robust plans” to protect the gold reserves.