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Jessica Fino 17 Oct 2017 04:42pm

Bank of England’s gender pay gap stands at 21%

The Bank of England (BoE) governor has revealed that its gender pay gap is 21%, higher than the UK average of 19%

During an evidence session, BoE governor Mark Carney disclosed the mean pay gap, adding that its median was 24%.

However, he added that on an equal work for equal pay assessment there was no gender pay gap.

Carney said that the BoE is planning to publish the full details next month, however he decided to disclose the headline figures during the meeting.

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%.

A report by Staffmetrix released this week found that financial services has the largest pay gap compared to any other UK industry.

The average pay gap at the Bank has increased from 19.7% last year, but the median has dropped from 27.6%.

While the average male working at the BoE was paid £60,940 last year, the average woman was paid £48,945.

On Tuesday, Carney said the gap existed because more men worked at top positions in the Bank than women.

The governor explained that the BoE tried to be more diverse by using external recruiting, unconscious bias training, blind recruitment panels, recruiting from 40 universities instead of 10 and by not only recruiting economists – as this was a male-dominated profession.

“If you start from a position of being almost exclusively a white male institution, you need to have a deliberate strategy of movement, and we are in the in the middle of that,” he said.

“This leaves us in a position where we will be middle of the pack for the financial services industry and high relativity the broader public sector.”

EY published its gender pay gap report last week, revealing it stood at 19.7%. This is higher than its Big Four rivals PwC (13.7%) and Deloitte (18.2%).

KPMG will announce its pay gap figures as part of its financial results in December.

The government announced last year that companies of over 250 people would be required to disclose details of pay and bonus differences between male and female employees from April next year.

A league table will be established, ranking the firms by pay gap and employers will be required to publish details of the gap on their websites.

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