Bank of England legal budget tops £21m

The Bank of England’s legal budget will top £20m for the second year running. Fees for the BCCI litigation were £21m in the last financial year, and £21.2m is budgeted for 2004/2005. In total, the bank will have paid its advisers Freshfields and Fountain Court’s Nicholas Stadlen QC more than £60m over four years. Governor Mervyn King defended the costs, which represent nearly 10 per cent of the bank’s annual budget.