The Bank of England is facing severe criticism for an internship programme exclusively available to candidates of “black or mixed black heritage,” prompting allegations of racism from Conservative frontbenchers, reports BritPanorama.
The scheme, which offers £96.15 per day for an eight-week placement next year, has drawn attention from senior MPs and Tesla owner Elon Musk. The Black Future Leaders Sponsorship Programme is designed for university students of “black/mixed Black Heritage” backgrounds and those with a household income below £50,778 annually.
Interns will receive an additional grant of £5,000 to assist with their university living expenses and have the option for a “hybrid” work arrangement that includes remote work.
Prominent Conservative MPs have criticized the Bank for straying from meritocratic recruitment standards. Andrew Griffith, the shadow business secretary, stated, “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.”
He added that “these racist DEI schemes are outrageous and need to stop.” Robert Jenrick, the shadow justice secretary, mirrored these sentiments, describing the Bank’s actions as “deeply unfair” and calling for an end to race-based hiring practices.
Bank of England defends scheme
The programme has also attracted attention from former Reform UK MP Rupert Lowe, who now sits as an independent. Lowe urged Governor Andrew Bailey to “stop indulging in divisive racial gatekeeping.” In response to a tweet showcasing Lowe’s letter, Musk asserted that “anti-white racism is still racism.”
A spokesperson for the Bank of England defended the initiative, stating, “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.” They emphasized that the Black Future Leaders Sponsorship Programme is part of a broader range of equality, diversity, and inclusion initiatives.
The scrutiny of EDI initiatives is intensifying, with public organizations under increased pressure regarding their recruitment policies. A report by the Institute of Economic Affairs criticized the Financial Conduct Authority for extending equality legislation “far beyond” its mandate, leading the City regulator to cancel a consultation on diversity regulations.
In light of these events, Reform UK deputy leader Richard Tice pledged to abolish EDI legislation and ban any programmes that may compromise meritocratic principles.
This controversy highlights the ongoing debate in the UK around diversity initiatives and meritocracy, amplifying concerns regarding race in hiring practices. As organizations like the Bank of England navigate these challenges, the balance between inclusion and equal opportunity remains a pivotal focus in public discourse.
