"The experience of colleagues with different ethnic backgrounds has not reflected the kind of institution we want to be."
The Bank says it recognises that it has "not yet made sufficient progress on the important issue of ethnic diversity and inclusion".
The review had two overarching aims: to ensure the Bank is on the right path, with momentum towards attracting and retaining an ethnically diverse workforce at all levels; and for the Bank to be a BAME employer of choice.
The Bank added that its review was "crystallised by events of last summer", with the murder of George Floyd stimulating discussions on race and ethnicity.
The Bank says it wants to identify and better understand where it is falling short of its objectives and to design more effective actions in response.
As a first step towards building a more diverse workforce, the Bank has set new targets to increase ethnic diversity. By setting targets, the Bank says it "can be held accountable for its actions".
Diana Noble, non-executive director of Court and chair of the review, said: “I have consulted widely in my role as Review Chair over the past nine months. And I am left with an optimism that the great people across the Bank share Court’s vision of a fully diverse and inclusive Bank that they are proud to work for. And that they will want to play their own part in ensuring the Recommendations from the Review are implemented and in time become just the way the Bank thinks and acts.”
Bank of England Governor Andrew Bailey said: “Making the Bank a genuinely inclusive workplace is integral to getting the day job right. We need people to bring their different experiences to the table, and to represent fully the people of this country. To reflect this, we have made achieving a fully diverse and inclusive Bank one of our seven strategic priorities.
"We all have a part to play in achieving this aim. The experience of colleagues with different ethnic backgrounds has not reflected the kind of institution we want to be. And I, alongside my fellow Governors and Court, will lead the changes we need to make and implement the Review’s recommendations in full. I am confident we can make this institution an organisation where everyone can thrive and feel proud.”
Co-chairs of the Bank’s Ethnic Minorities Network added: “The Bank of England Ethnic Minorities Network (BEEM) welcomes the Court Review of Ethnic Diversity and Inclusion, the findings of which were not news to minority ethnic colleagues. We support the Bank in its transparency and willingness to face up to and tackle these issues head-on, through a concerted effort and commitment from the Bank leadership to fully implement the recommendations agreed with Court. It is so important for a public organisation like the Bank to take the lead in becoming the organisation it aspires to be for the benefit of all its staff.”
