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Gender Inequality Pay in the Bank of England

24th November 2017

A recent report has been published by the Bank of England highlighting that men are paid almost a quarter more than. The median pay gap - based on the midpoints in the ranges of hourly earnings for men and women at the Bank - was 24.2% for the year to 30 March.

The Bank has stated that it will take steps to ensure that issue is addressed. Mark Carney the governor said that he was confident that men and women were paid the same for doing the same jobs. He also said “the greater proportion of men than women in senior roles creates a gender pay gap," he admitted. “We are working hard to address this imbalance ... addressing the disparity in gender representation at senior levels will take time, but it will help close the current gender pay gap at the Bank."
The Office of National Statistics (ONS) showed that the gender pay gap has been improving as the gender pay gap fell to 9.1% for the year to April for full-time workers, down from 9.4% for the previous 12 months.

There has been clear improvement as the figure has halved since the ONS first started collecting the figures on the gap in 1997. The gender pay gap for the UK's financial sector stood at 35.6% - considerably higher than the Bank's figure.

Mr Carney has implemented changes in the Bank to stop the gender equality; the number of senor female roles had risen by 10% from 20% to 30%.

The Treasury Committee's concern followed two recent appointments to the Bank's rate-setting committee, which has left Silvana Tenreyro as the only woman on the Monetary Policy Committee.
Private and public-sector employers, as well as charities with 250 or more employees, must publish their figures by April 2018 in an attempt to tackle workplace discrimination.
Sources: The BBC

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