Chancellor criticised over 'disappointing' Bank of England diversity

Last month, the Treasury Committee published its reports on the appointment of Dave Ramsden as Deputy Governor of the Bank of England and of Professor Silvana Tenreyro as an external member of the Monetary Policy Committee.

The Committee has agreed that both of these appointments meet its requirements of personal independence and professional competence, but raised concerns about the composition of the policy committees, in particular about diversity at the most senior levels in the Bank of England.

Nicky Morgan has now written to Philip Hammond for specific confirmation that all efforts are being made to encourage as diverse a range of candidates as possible for the Bank’s policy committees and for the most senior positions at the Bank.

Morgan said: “The Committee is disappointed by the Chancellor’s response. He did not confirm whether ‘all efforts’ are being made by the Treasury to encourage as diverse a range of candidates as possible for the Bank’s policy committees and senior positions.

“Rather, the Treasury ‘seeks to encourage’ such diversity. Such appointments could benefit from a closer relationship between the Treasury and the Government Equalities Office.

“Evidence shows that employers must actively search for the best possible candidates; the Treasury can’t be complacent in tackling the lack of diversity at the Bank’s most senior levels.

“The Committee will take evidence from Tom Scholar, Permanent Secretary of HM Treasury, next month. We will examine whether the Treasury could be doing more to encourage greater diversity.”