Chancellor asked to address lack of diversity at Bank of England

The Bank of England has come under fire for a lack of gender and ethnic diversity among its senior staff. Photograph: Yui Mok/PA

The chancellor, Philip Hammond, may be called in front of an influential group of MPs to address concerns over a lack of diversity among the Bank of England’s most senior staff.

Nicky Morgan, who chairs the Treasury select committee, has written to Hammond asking for confirmation that everything is being done to encourage gender and ethnic diversity among applicants for roles on the Bank’s policy committees.

“The Treasury must make all efforts to encourage as diverse range of candidates for the Bank’s policy committees as possible,” Morgan said.

She raised the concerns as the committee confirmed the appointments of the two newest recruits to the Bank’s rate-setting monetary policy committee, Silvana Tenreyro and Sir David Ramsden. Tenreyro is the only female member of the nine-strong committee.

“We have approved both appointments,” Morgansaid in the letter. “However, in considering these appointments, the committee discussed its wider concerns about the composition of the policy committees, and in particular about diversity at the most senior levels of the Bank of England.

“The committee would be interested in taking evidence from you (or the most appropriate minister or senior official) on this shortly.”

There are no women among the 11 members on the Bank’s financial policy committee, which is responsible for monitoring financial stability; only one woman is on the the Bank’s 12-strong prudential regulation committee.

Responding to Morgan’s letter to the chancellor, a spokesperson for the Treasury said: “We are pleased the Treasury committee has agreed to the appointments of Prof Silvana and Sir Dave. Our recruitment process is fair and open for senior appointments to the Bank of England but we recognise there is still more to do to improve diversity.”

Hammond is expected to write back to the Treasury committee in due course.

The Bank of England declined to comment. At a Treasury committee hearing earlier this week, Mark Carney, the Bank’s governor, said that when he arrived at Threadneedle Street, it took him “about five minutes” to figure out there were a lot more men than women in senior positions. He said the Bank was in the middle of a strategy to address that.

The Treasury select committee has launched a separate inquiry into the barriers to women entering and progressing in the financial services industry.

“More women than men are employed in the financial services sector, but female representation at senior levels has been historically low,” Morgan said. “Gender diversity across job grades and functions delivers benefits to firms, society and the wider economy.”