Cost of Bank of England's Oracle migration set to triple

• Bank of England announces yet another budget increase for its Oracle migration
• It now stands at £21.5 million, up from the £7 million initially advertised
• Oracle 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.