- The Bank of England announces another budget increase for its Oracle migration
- It is now at £21.5m, up from the £7m originally announced
- Oracle has proved a big hit with high-profile UK clients
The Bank of England is expected to triple the spend associated with its cloud migration, from £7m to £21.5m, according to a recent tender notice.
Shifting from a two-phase to a multi-phase rollout, additional migrations to Oracle Accounting Hub and Oracle Cloud Payroll, and additional work that was not in the original scope have all been blamed for the rising costs.
However, the Bank of England remains committed to Oracle because switching suppliers will not only incur significant costs, but will also cause interoperability and other technical issues.
Bank of England to triple Oracle spend
Because the contract was amended under Regulation 72(1)(b) of the Public Contracts 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 UK customer – the Home Office recently awarded the company a £53.5m contract to provide SaaS services. Oracle also has its own dedicated UK Sovereign Cloud Infrastructure to meet compliance and data residency needs, so the company is well equipped to take on high-end UK contracts.
Version 1 Solutions Ltd, the company behind the migration process, has previously been awarded Oracle’s EMEA Partner Award.
It is not the first time that the Bank of England has increased its spending on migration. After initially announcing a £7 million contract, Version 1 was awarded an £8.7 million deal. It was later nearly doubled to £13.8m.
When this happened in February 2025, a spokesman said The register “The bank is deploying Oracle Cloud to consolidate multiple disparate systems that will help the bank fulfill its mission. We aim to achieve value for money in all our purchases.”
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