More idiocy looming at the Bank of England. What could be more absurd than saying a bank – including a central bank, as in this case – “needs” senior people with certain genitalia? A piece in today’s Times:
The Treasury has come under pressure [J4MB: Hmm, pressure from where? It’s a mystery, all right.) to appoint a woman to the Bank of England’s ratesetting committee amid broader changes at the top of the central bank.
Interviews with candidates to replace Gertjan Vlieghe, whose term on the monetary policy committee ends on August 31, have been completed and an announcement is expected soon.
The Bank is separately hiring a new chief economist, who will also sit on the MPC, and a new executive director for financial stability. It has been pushing hard to improve gender diversity but has fallen short.
Less than a third of senior staff were women at the end of last year and there is only one woman among the nine members of its key interest rate-setting committee.
The Treasury came under fire when it last made an MPC appointment two years ago after picking the only man on a shortlist of five. Labour’s Rachel Reeves, now the shadow Cabinet Office minister, described the decision as “truly staggering”. [J4MB: A hyperbolic idiot, talking hyperbollocks as usual.]
Neil Shearing, chief economist at Capital Economics, said: “They will need to appoint a woman to at least one if not both of the MPC positions. It would be the right thing to do. Women are underrepresented on the MPC and in senior management at the Bank.” [J4MB: Idiot.]
Independent economists said there was a strong chance that all three positions would be filled by women. Among the leading candidates for either the external MPC or the chief economist role is Karen Ward, chief market strategist at JP Morgan Asset Management.
Ward, 39, was an economics special adviser to the former chancellor Philip Hammond for a year after the Brexit vote and before joining HSBC in 2006 was an economic analyst at the Bank.
Shearing described Ward and Rain Newton-Smith, 45, chief economist at the CBI, as potential frontrunners for the external MPC post. Stephanie Flanders, 52, head of economics at Bloomberg, is another potential candidate.
Several economists said Lucrezia Reichlin, 66, the professor of economics at London Business School since 2008, was another leading candidate and would be a coup for the Bank.
Clare Lombardelli, 42, the Treasury’s chief economist, is spoken of as a potential recruit for the Bank’s chief economist role. Sarah Breeden, executive director of bank supervision, and Victoria Saporta, executive director of prudential policy, are leading internal candidates to become executive director of financial stability.
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