Bank of England announces yet another budget increase for its Oracle migrationIt now stands at £21.5 million, up from the £7 million initially advertisedOracle is proving to be a big hit with high-profile UK customers
The Bank of England is expected to triple the spend involved with its cloud migration, from £7 million to £21.5 million, per a recent procurement notice.
Changing from a two-phase to a multi-phase rollout, additional migrations to Oracle Accounting Hub and Oracle Cloud Payroll, and additional work that wasn’t in the original scope, have all been blamed for the rising costs.
However, the Bank of England remains committed to Oracle because switching supplier would not only incur significant costs, but it would also present interoperability problems and other technical issues.
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Bank of England set to triple Oracle spend
Because the contract was amended under Regulation 72(1)(b) of Public Contracts Regulations 2015, the Bank of England was permitted to request additional services from the same supplier within certain pricing limitations.
The Bank of England isn’t Oracle’s only major UK customer – the Home Office recently awarded the company a £53.5 million contract to deliver SaaS services. Oracle also has its own dedicated UK Sovereign Cloud Infrastructure to meet compliance and data residency needs, so the company is well-poised to take on high-class UK contracts.
Version 1 Solutions Ltd, the company behind the migration process, has previously been awarded Oracle’s EMEA Partner Award.
It’s not the first time that the Bank of England has increased its migration spend. After initially advertising a £7 million contract, Version 1 was awarded an £8.7 million deal. It was later nearly doubled to £13.8 million.
When this happened in February 2025, a spokesperson told 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.”
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