- The Bank of England announces another budget increase for its migration to Oracle
- It now stands at £21.5m, up from the £7m initially announced.
- Oracle is proving a big hit with high-profile UK clients
The Bank of England is expected to triple spending related to its cloud migration, from £7 million to £21.5 million, according to a recent procurement notice.
The increase in costs has been attributed to the shift from a two-phase implementation to a multi-phase implementation, additional migrations to Oracle Accounting Hub and Oracle Cloud Payroll, and additional work that was not in the original scope.
However, the Bank of England remains committed to Oracle because switching providers would not only incur significant costs but also present interoperability issues and other technical issues.
The Bank of England is preparing to triple spending on Oracle
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 limitations.
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 dedicated sovereign cloud infrastructure in the UK to support data residency and compliance needs, so the company is well prepared to take on high-level contracts in the UK.
Version 1 Solutions Ltd, the company behind the migration process, was previously awarded the Oracle 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 contract. It subsequently almost doubled to £13.8m.
When this happened in February 2025, a spokesperson said The Registry “The Bank is implementing Oracle Cloud to consolidate several different systems that will help the Bank achieve its mission. Our goal is to achieve value for money in all our acquisitions.”
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