Wednesday 21 July 2021 12:38 pm

Bank of England Andrew Bailey concedes shortcomings in diversity

Governor Andrew Bailey has promised to do more to address systemic racial inequality after a review found “material disparities” persist at the Bank of England.

Staff from ethnic minority backgrounds were less likely to be promoted, received smaller bonuses and were afforded fewer opportunities for career development and progression than their white colleagues, according to the review findings which were published today.

They were also more likely to leave the bank, which acknowledged this was unsurprising given the “disparities in their career experiences.”

Commenting on the review findings Bailey said: “The experience of colleagues with different ethnic backgrounds has not reflected the kind of institution we want to be. And I, alongside my fellow Governors and Court, will lead the changes we need to make and implement the Review’s recommendations in full.” He also said that making the Bank “fully diverse and inclusive” is one of the Bank’s seven strategic priorities.

The review into ethnic diversity and inclusion at the 327-year-old institution bank was commissioned by the bank’s governors and non-executive directors in September 2020.

It was launched in response to feedback from the Bank’s Ethnic Minorities Network (BEEM) and the bank’s acknowledgement that “it was not moving far or fast enough on diversity and inclusion” following the murder of George Floyd in May 2020 which prompted worldwide protests.

Chair of the review, and a non-executive director of court, Diana Noble said she was optimistic that people across the Bank “will want to play their own part in ensuring the Recommendations from the Review are implemented and in time become just the way the Bank thinks and acts.”

BEEM co-chairs said they welcomed the publication of the review, although its findings, they said, “were not news to ethnic minority colleagues”. They also said they supported the Bank’s willingness to tackle its diversity issues “through a concerted effort and commitment from the Bank leadership to fully implement the recommendations agreed with Court.”