CHANCELLOR Philip Hammond may be hauled in front of an influential committee of MPs to address concerns over a worrying lack of diversity among the Bank of England’s most senior staff.
Treasury Select Committee chair Nicky Morgan has penned a letter to the Chancellor asking for evidence proving that “all efforts” are being made to encourage gender and ethnic diversity in its recruitment process.
It follows the appointment of two new members to the Bank’s Monetary Policy Committee (MPC), which has left only one female on board and raised concerns about a gender imbalance on the interest rate-setting body.
While the Treasury Select Committee has approved both appointments, Morgan said it had discussed “wider concerns about the composition of the policy committees, and in particular about diversity at the most senior levels at the Bank of England”.
Morgan is now asking the Chancellor for “specific confirmation that all efforts are being made to encourage as diverse a range of candidates as possible” and that recruitment processes for the Bank’s policy committees follow rigorous standards used for other public appointments.
The letter requests that the Treasury publish recent historical data, including a gender breakdown of applicants vying for membership on the MPC and Financial Policy Committee (FPC).
Morgan said that her committee “would be interested in taking evidence” from Hammond or the “most appropriate minister or senior official” to address the issue shortly.
She added: “The committee has taken the opportunity to emphasise that, when considering appointments within its remit, it expects candidates to have a proven track record in the area to which they have been appointed, as well as demonstrable personal independence.
“In the future, the committee expects to be provided, prior to appointment hearings, with diversity data on the candidates applying to the associated position.”
The Bank of England had two female members on the MPC just earlier this year.
Charlotte Hogg replaced outgoing MPC member Minouche Shafik this spring, temporarily keeping two women on the committee. Kristin Forbes has since stepped down after completing her own term, leaving recently appointed Silvana Tenreyro the only woman on MPC.
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