News
Jessica Fino 24 Nov 2017 12:32pm

BoE sees increase in female senior staff

The Bank of England (BoE) has confirmed that its gender pay gap currently stands at 21%, but its gender bonus gap was higher at 23.6%

In its gender pay gap report, published on Friday, the BoE revealed that its median pay gap stood at 24.2%, while its median bonus pay gap was 25.6%.

The Bank aims to have 35% of its senior roles filled by women by 2020. Currently, 30% of them are female, up from 20% in 2014.

The report pointed out that, when looking at base pay alone, the mean gender pay gap is 18.6%, down from 22.0% in 2013.

BoE governor Mark Carney said, “We’re confident that men and women are paid equally for doing the same job at the Bank; however, the greater proportion of men than women in senior roles creates a gender pay gap.

He added that it was working hard to address the existing pay gap through inclusive and diverse recruitment, including diverse shortlists and interview panels, offering flexible working, providing unconscious bias training, and fostering an inclusive culture.

“Addressing the disparity in gender representation at senior levels will take time, but it will help close the current gender pay gap at the Bank.”

Nicky Morgan, chair of the Treasury Committee, said that the Bank's measures to address its pay gap “seem to be on the right track, but we cannot be complacent. Any gap is still too great”.

The gap is higher than the UK average of 19% and that of Big Four firms such as Deloitte, PwC and EY. However, it is significantly lower than the financial services gender pay gap of 31%, which Staffmetrix last month found to be larger than that of any other UK industry.

The pay gap report comes after the Treasury Committee last month warned chancellor Philip Hammond that the BoE lacked diversity at the most senior levels. It suggested that the Bank should prove “all efforts” were being made to encourage diversity.

At this time, Morgan wrote to the chancellor warning about the composition of the BoE’s policy committees, following the appointment of deputy governor Dave Ramsden and external member of the Monetary Policy Committee (MPC) Silvana Tenreyro.

Tenreyro is at the moment the only woman on the Bank’s MPC, replacing Kristin Forbes.

Topics