Sunday , 16 December 2018

World first Volunteer based News Agency

Bank of England in bid to go gender neutral with historic ‘Old Lady’ nickname threatened

The UK’s central bank has pledged to drop all gendered terms from its official documents and to ditch “his” and “her” from policies, under plans from its regulator, Prudential Regulatory Authority (PRA).

The changes will “form part of the PRA’s commitment to encouraging equality and diversity at regulated firms.”

Technical terms such as “grandfathering” and “chairman” also face to axe in the Bank’s crusade to become completely gender neutral.

Speaking on the future of the nickname the bank told The Telegraph: “Old Lady was given to us as a nickname almost 300 years ago so we won’t be commenting on that.”

The moniker The Old Lady originated from a 1797 cartoon showing Prime Minister William Pitt the Younger seducing a woman who represented the bank.

The shock move follows attacks launched at the Bank of England for its lack of gender diversity with just one woman filling a spot on its nine-member Monetary Policy Committee.

Male staff members have also been revealed to be earning nearly a quarter more than females due to them holding more of the senior roles.

Bank of England Governor Mark Carney said: “Addressing the disparity in gender representation at senior levels will take time, but it will help close the current gender pay gap.”

The move follows a commitment by the World Bank to stop lending money for oil and gas exploration in a bid to fight climate change.

In a conference in Paris, the Bank announced that it “will no longer finance upstream oil and gas” after 2019 – to the delight of campaigners who oppose fossil fuels.

In 2010 the World Bank stopped lending to coal-fired power stations but has been under pressure from lobbyists to put an end to the $1billion (£745million) a year it has been lending to oil and gas.

It is on course to distribute 28 per cent of its lending to climate action by 2020. At the moment, up to two percent of the Bank’s $280billion (£208billion) portfolio is going to oil and gas projects.

Lending for oil and gas projects will be allowed in very poor countries where such projects are seen to help the poor get access to energy. This will be allowed as long as this move does not conflict with the commitment to reduce greenhouses gases made in 2015 Paris climate change accord.

More Information :