Bank of England pays over £600k a year on diversity, equality, and inclusion employees

• Aparna Sreevalsan
• 9 October, 2023

THE Bank of England (BoE) allocates £645,424 annually to support its commitment to fostering diversity, equity, and inclusion, as revealed in a freedom of information (FOI) request.

At present, it has a dedicated team of 11.6 full-time equivalent (FTE) employees, including contractors (whose fees are not accounted for in this figure), working to enhance diversity, equity, and inclusion..

A BoE spokesperson said: “These roles help us to build a more diverse and inclusive workforce, ensuring the Bank’s 5000 employees are better able to deliver against our mission to maintain monetary and financial stability across the UK.”

Recently, the BoE affirmed its commitment to inclusivity by recognising that individuals of all gender identities can experience pregnancy and by designating a floor of its building for the provision of gender-neutral restrooms.

As reported in its 2022 update to Stonewall (an organisation advocating for the rights of LGBTQ+ individuals), the BoE introduced a “family leave” policy that used the inclusive term “birthing parent” in June 2021.

This inclusive policy is designed to support not only the parent who is or was pregnant with the child but also individuals of all gender identities, as stated by officials.

Two years ago, in response to an FOI request, the Bank allocated approximately £27,000 for diversity consultants.

These consultants identified areas for improvement, highlighting the importance of addressing ‘microaggressions’ and ‘unconscious bias’ to ensure the success of minority staff.

Sarah Guerra has been the Head of Culture, Diversity, Equity and Inclusion at the BoE since May 2022.

Guerra introduced the “Annual Deep Dive – Court Review of Ethnic Diversity and Inclusion 2021 and 2022 Reporting” in the BoE “Minutes of the Meeting of the Court of Directors” from December 2022.

Representatives emphasise that leaders and middle managers cannot “opt-out” of advancing diversity and inclusion goals.

Speaking of the findings, Rupert Lowe, Reform UK’s Business Spokesman, said: “They should focus on maintaining monetary and financial stability. These diversity roles serve no useful purpose, in fact they actively disrupt the work of staff with purpose. Perhaps in the Bank’s case, that is no bad thing.”