Deputy governor sorry for calling economy ‘menopausal’

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Ben BroadbentImage copyright
Reuters

The Bank of England’s deputy governor has apologised for saying the UK economy is entering a “menopausal” era.

Ben Broadbent used the phrase in an interview with the Daily Telegraph to describe economies that were, in his words, “past their peak, and no longer so potent”.

Later he said he was sorry for the “poor choice of language” and any “offence caused”.

He said productivity affected “every one of us, of all ages and genders”.

But his comments sparked a backlash.

Sarah Smith, professor of economics at Bristol University, told the BBC they were “not useful”.

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Silvana Tenreyo is the only female member of the Monetary Policy Comittee

“To be honest if you’re going to make an analogy it would help if it were meaningful one.

“It’s not useful and conveys a rather derogatory view of women. I’ve never thought of the menopause as not productive.”

TUC general secretary Frances O’Grady said: “This kind of language is totally inappropriate. There’s no need to resort to lazy, sexist comments to describe problems in the economy.”

Mr Broadbent sits on the Bank of England’s Monetary Policy Committee (MPC), which has been criticised for having only one female member on its nine-strong board.

The economist is also thought to be to among a number of potential successors to the Bank’s governor, Mark Carney.

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The bank faced a backlash in 2013 over female representation on banknotes.

Artificial intelligence

In his interview, Mr Broadbent compared a recent slowdown in UK productivity to a similar lull at the end of the 1800s, which has been described as a “climacteric” period.

The term, which is borrowed from biology and is used for both sexes, means “you’ve passed your productive peak”, the deputy governor said.

He suggested that the UK may be seeing a “pause” between two technological leaps forward – akin to one experienced by late-Victorian industrialists from steam to electricity.

However, he said the economy could be awaiting its next big breakthrough, possibly as a result of Artificial Intelligence.

Mr Broadbent later stressed that his use of the word menopausal had only applied to the 19th Century.

The Bank’s attitude towards women has been questioned in the past.

In 2013 the Bank announced a plan to phase out £5 notes featuring social reformer Elizabeth Fry, without plans to put a woman on any other bank notes.

After pressure from campaigners the Bank announced it would make Jane Austen the face of the new £10 note.



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