Tories slam Bank of England for ‘outrageous’ internship scheme
The Bank of England is facing criticism over an internship scheme open only to candidates of “black or mixed black heritage”, with Tory frontbenchers labelling the approach “outrageous.”
The Bank has drawn the attention of senior MPs as well as Tesla owner Elon Musk for advertising a position that pays £96.15 per day over eight weeks next year.
The Black Future Leaders Sponsorship Programme, which allows university students to work on Threadneedle Street, is only open to people of “Black/mixed Black Heritage background” and whose household income falls below £50,778 a year.
Interns on the scheme will also be awarded funding of £5,000 to help with one year of living costs at university.
They will also be able to work from home as part of a “hybrid” work offering.
Leading Conservative MPs criticised the Bank for deviating from meritocratic standards in recruitment.
“Discrimination based on the colour of someone’s skin is racism whichever direction it is in and the Bank of England should immediately cancel this terrible social-engineering plan or heads must roll,” said Andrew Griffith, the shadow business secretary.
“These racist DEI schemes are outrageous and need to stop.”
Robert Jenrick, the shadow justice secretary, also weighed in: “It is deeply unfair that the Bank of England is engaging in race-based hiring.
“Our institutions need to stop dividing our country and return to meritocratic recruitment.”
Bank of England defends scheme
Attention to the scheme was raised by the former Reform UK MP Rupert Lowe, who is now sitting as an independent in parliament.
Lowe wrote a letter to Governor Andrew Bailey demanding that the Bank “stop indulging in divisive racial gatekeeping”.
Musk responded to a tweet with a copy of his letter claiming “anti-white racism is still racism”.
A Bank of England spokesman said: “As a public institution whose duty is to serve all the people of this country, we seek to ensure that our workforce broadly reflects our society.
“With this in mind, we offer a variety of programmes and opportunities, of which the Black Future Leaders Sponsorship Programme is one.”
The proliferation of equality, diversity and inclusion (EDI) schemes is currently in the spotlight, with public bodies facing more intense scrutiny over policies and guidelines they introduce.
The Financial Conduct Authority was singled out in a report by the Institute of Economic Affairs for taking equality laws “far beyond” remits. The City regulator also binned a consultation it held on diversity rules to avoid adding regulatory burdens.
Reform UK deputy leader Richard Tice pledged that the party would scrap EDI laws and ban schemes that may contravene standards on meritocracy.