The Bank of England needs to do more to overhaul key parts of its operations as some aspects of its work are unnecessarily complex and costly, according to a new report.

The National Audit Office finds the BoE’s central services division, which handles matters such as human resources, technology and security, needs reform. While it acknowledges the central bank is moving in this direction, it criticises reform efforts so far for being too conservative.

“A number of factors, including complex