- Bank of England announces yet another budget increase for its Oracle migration
- It now stands at £21.5 million, up from the £7 million initially advertised
- Oracle is proving to be a big hit with high-profile UK customers
The Bank of England is set to triple its spending on cloud migration, increasing from £7 million to £21.5 million, according to a recent procurement notice.
The rise in costs is attributed to a shift from a two-phase to a multi-phase rollout, additional migrations to Oracle Accounting Hub and Oracle Cloud Payroll, and extra work that was not included in the original plan.
Despite the increased expenses, the Bank of England remains committed to Oracle, as switching suppliers would incur substantial costs and present interoperability challenges.
Bank of England Set to Triple Oracle Spend
Due to amendments made under Regulation 72(1)(b) of the Public Contracts Regulations 2015, the Bank of England was allowed to request additional services from the same supplier within specific pricing limits.
The Bank of England is not Oracle's only significant UK client; the Home Office recently awarded the company a £53.5 million contract for SaaS services. Oracle also operates its own UK Sovereign Cloud Infrastructure to address compliance and data residency requirements, positioning the company well for high-profile UK contracts.
Version 1 Solutions Ltd, responsible for the migration, has previously received Oracle's EMEA Partner Award.
This is not the first instance of the Bank of England increasing its migration budget. Initially, a £7 million contract was advertised, which was later awarded to Version 1 for £8.7 million, and subsequently nearly doubled to £13.8 million.
In February 2025, a spokesperson stated to The Register, "The Bank is implementing Oracle Cloud to consolidate several different systems which will help the Bank fulfill its mission. We aim to achieve value for money in all our procurement."
