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Bloomberg
The Bank of England (BOE) is seeking more women in management roles to diversify its leadership from the all-male team it currently has.
Deputy Governor Dave Ramsden said 35% of senior managers are female at the moment, up from 20% in 2014. The central bank is targeting up to 44% by 2028.
The BOE is currently led by Governor Andrew Bailey and four deputy governors along with its chief economist, all of whom are male. However, three of the nine people on the Monetary Policy Committee are female, and Sarah Breeden was promoted to head of
financial stability in 2021.
“I’m very conscious that as one of an all-male team of governors here at the bank, the focus of today’s event hits uncomfortably close to home,†Ramsden said at the start of a an event on women in economics on Tuesday. “Like many organisations, the Bank of England has made real strides forward. We need to keep building on that.â€
Last year, the BOE replaced Chief Operating Officer Jo Place, who was the institution’s most senior woman, with Ben Stimson. The role is equivalent to a deputy governor, and the BOE now has no women at that level.
Meanwhile, two BOE officials warned that Britain’s departure from the European Union is helping to stoke inflation and is one of the factors pushing up interest rates.
Chief Economist Huw Pill said the trade blow dealt by Brexit adds to risks of the UK economy overheating. Policy maker Catherine Mann earlier in the day said Brexit was a “unique†shock that’s fuelling inflation in the UK.
The comments are likely to anger some Conservative members of Parliament, who have criticised the central bank for being too pessimistic about the UK’s prospects after leaving the EU. The BOE sounded a warning on Brexit’s economic effects last week with Pill saying the UK is yet to see any positive impact from the departure.
The BOE said in last week’s Monetary Policy Report that Brexit effects on trade and the labour force were partially behind a gloomy assessment of the UK’s growth prospects.