- Bank of England announces further budget increase for its migration to Oracle
- It now stands at £21.5m, up from the £7m initially announced.
- Oracle proves to be a big hit with high-profile UK clients
The Bank of England is expected to triple spending on its move to the cloud, from £7m to £21.5m, according to a recent market notice.
The move from a two-phase deployment to a multi-phase deployment, additional migrations to Oracle Accounting Hub and Oracle Cloud Payroll, as well as additional work that was not anticipated in the original framework, have all been blamed for the increased costs.
However, the Bank of England remains committed to Oracle because changing suppliers would not only incur significant costs but also present interoperability issues and other technical issues.
Bank of England set to triple Oracle spending
As the contract was varied under Regulation 72(1)(b) of the Public Procurement Regulations 2015, the Bank of England was permitted to request additional services from the same supplier within certain price limits.
The Bank of England is not Oracle’s only major customer in the UK: the Home Office recently awarded the company a £53.5 million contract to provide SaaS services. Oracle also has its own sovereign cloud infrastructure in the UK to support compliance and data residency needs. The company is therefore well placed to take on high profile UK contracts.
Version 1 Solutions Ltd, the company behind the migration process, has already received the Oracle EMEA Partner Award.
This is not the first time the Bank of England has increased its spending on migration. After initially announcing a £7 million deal, Version 1 secured an £8.7 million deal. It was then almost doubled to £13.8 million.
When this happened in February 2025, a spokesperson said The register “The Bank is implementing Oracle Cloud to consolidate several different systems that will help it fulfill its mission. We aim to optimize resources in all of our purchases.”
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