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Treasury struggles to find a woman to set rates at the Bank of England

The Treasury went to great pains to find a woman to fill the upcoming vacancy on the Bank of England’s Monetary Policy Committee, but even with four women on its final shortlist of five, it opted for a man.
Officials and politicians are concerned that the Bank has a diversity problem, with eight of the nine MPC seats filled by men, and a recent history of senior women leaving the Bank of England after only a short spell in office.
In an effort to redress the imbalance the Treasury approached 44 women who it thought could be suitable applicants to sit on the committee which sets interest rates, as well as 43 men.
It received 27 applications, eight of which came from women.
Treasury struggles to find a woman to set rates at the Bank of England

Ian McCafferty - top row, second from right - is leaving the MPC after two terms as an external member of the interest rate setting committee

Credit:
Bank of England
Narrowing the group down, officials reached a shortlist of four women and one man for interview. 
Despite the odds, the man won the job.
Chancellor Philip Hammond made the final decision to appoint Jonathan Haskel, professor of economics at Imperial College London. He will replace Ian McCafferty when he leaves the MPC at the end of August after six years as an external member.
The only woman on MPC currently is Silvana Tenreyro who joined the committee in July 2017.
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Women that have previously held senior roles include Minouche Shafik, a deputy Governor who served for less than three years before leaving the Bank, while Kristin Forbes was an external member of the MPC for a single three-year term.
Charlotte Hogg served briefly as deputy Governor for markets and banking before resigning over her failure to declare her brother’s job at Barclays as a potential conflict of interest.
Mr Hammond said: “I am delighted that Professor Haskel is joining the MPC.
“I am confident that his expertise in productivity and innovation will further sharpen the Committee’s understanding of the British economy.”
Mark Carney, Governor of the Bank, said Professor Haskel’s specific focus on productivity would be useful to help the MPC understand one of the biggest challenges currently facing the British economy.
Treasury struggles to find a woman to set rates at the Bank of England

Philip Hammond, the Chancellor, makes the final decision on MPC appointments

Credit:
PAUL ELLIS/AFP
The Governor said Mr Haskell's "broad academic experience and the depth of his knowledge on productivity and innovation will be hugely valuable to the Committee as we seek to promote the good of the people of the United Kingdom by maintaining monetary stability”.
Professor Haskel said: “I’m truly honoured to be nominated to the MPC and to follow Ian McCafferty who has been such a dedicated and hard-working member over the last six years, especially with his work visiting schools. I look forward to contributing to the MPC’s vital role in maintaining the UK’s price stability and communicating its thinking.”
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