Bank of England defends gender pay gap between male and female staff

Mark Carney
Mark Carney
Bank of England governor Mark Carney has defended the pay gap between it’s male and female staff. 

Men at the Bank of England are paid nearly a quarter more than the female staff, a bigger gap than the UK’s average pay gap.

Based on their average hourly earnings, male staff earn 21 per cent more than females.

The Office for National Statistics revealed that the equivalent figure across the UK fell to 9.1 per cent during the year to April.

However governor for the bank, Mark Carney, said he had every confidence that both sexes were paid equally at the bank for doing the same jobs.

According to Carney, the disparity is due to their being a higher proportion of men in senior positions which pay better, ultimately creating the gap in average hourly earnings.

“To support our objectives, we have introduced diversity targets, including an aim to have 35 per cent female representation in senior roles by 2020,” Carney said.

Currently, women hold 30 per cent of senior roles at the Bank of England, up 20 per cent from the figures in 2014.

Carney continued, “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.

“We are working hard to address this imbalance through inclusive and diverse recruitment, including diverse shortlists and interview panels, offering flexible working, providing continual unconscious bias training, and fostering an inclusive culture.”

Discussing the number of females in senior roles, Nicky Morgan, chairwoman of the Treasury Select Committee said she would be keeping ‘a close eye on organisations’.

“We may call for organisations to give evidence to the committee to hear about best practice. Financial firms should be prepared to explain any gender pay gap that they may have.”

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