Bank of England appoint another Goldman Sachs alum: Positive Money response

London, 1 September 2021

Responding to the Bank of England’s appointment of Goldman Sachs alumnus Huw Pill as their new chief economist, Rachel Oliver, head of campaigns and organising at Positive Money, said:

“The Bank of England is increasingly looking like the Bank of Goldman Sachs. Top positions at the Bank are dominated by men from big finance, meaning our central bank does not reflect the population it is supposed to serve, and is often blind to the needs of people in the real economy.

“Rather than just more men from Goldman Sachs, our pool of public policymakers urgently needs more diversity in terms of gender, race and socioeconomic background to make sure we’re meeting the challenges of 2021.

“Huw Pill must think about how he can serve the whole of society, not just bankers in the City of London. We hope he follows Andy Haldane’s footsteps in promoting different perspectives and opening the Bank up to new thinking.”

Notes

1. The Bank of England’s announcement: https://www.bankofengland.co.uk/news/2021/september/huw-pill-appointed-chief-economist-of-the-boe

2. The Bank of England’s July report showed that it failed to meet its own targets for both women and ethnic minorities represented in senior management positions by the end of 2020: https://www.independent.co.uk/business/bank-of-england-vows-action-after-report-reveals-poor-racial-diversity-b1888002.html

3. Positive Money is a research and campaign organisation working towards a money and banking system which supports a fair, democratic and sustainable economy. Set up in the aftermath of the financial crisis, Positive Money is a not-for-profit company funded by charitable trusts and foundations, as well as small donations from its network of over 65,000 supporters. www.positivemoney.org.

4. For more information from Positive Money or to arrange a briefing/interview with a spokesperson, please contact press@positivemoney.org.uk or Simon Youel on 07817765517