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Treasury under fire for lack of diversity at Bank of England

The committee wants answers on the gender divide of the Bank of England’s committees

The influential Treasury select committee has threatened to stop endorsing appointments to the Bank of England unless the Treasury starts nominating a more diverse range of candidates.

Chair Nicky Morgan has written to Chancellor Philip Hammond demanding the Treasury publish the gender divide of applicants to the monetary and financial policy committees.

She has asked the chancellor to publish data on diversity before appointment hearings.

There are no women on the 11-strong FPC and one on the MPC, which consists of nine policy setters.

Bank of England deputy Mark Carney is supported by four male deputy governors and only eight of the 67 most senior staff at the central bank are women.

In a statement on the committee website, Morgan says: “The Treasury must make all efforts to encourage as diverse range of candidates for the Bank’s policy committees as possible.”

She adds: “An aim of the Commissioner for Public Appointments is to achieve greater diversity of public appointments. The committee has asked the Treasury for its specific confirmation that it’s recruitment processes are within this remit.”

Morgan says the committee “may” take evidence from the most appropriate minister or official on the issue shortly.

Carney told the select committee this week that there is a 24 per cent gender pay gap, which he said was due to a lot more men holding senior positions.

He says a lack of diversity is an issue the Bank of England has been addressing.

The Treasury select committee cannot veto appointments to the policy committees, but a vote of no confidence would

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