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You can find the current article at its original source at https://www.theguardian.com/business/2018/may/16/deputy-bank-governor-under-fire-for-menopausal-economy-comment
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| Deputy Bank governor apologises for 'menopausal economy' comment | Deputy Bank governor apologises for 'menopausal economy' comment |
| (35 minutes later) | |
| A deputy governor of the Bank of England has apologised for saying the UK economy was in a “menopausal” phase after passing its productive peak. | A deputy governor of the Bank of England has apologised for saying the UK economy was in a “menopausal” phase after passing its productive peak. |
| Ben Broadbent was accused of using “lazy, sexist” language when he compared the current state of the economy to the late Victorian era, when a pause between steam technology and the age of electricity contributed to a slump in productivity. | Ben Broadbent was accused of using “lazy, sexist” language when he compared the current state of the economy to the late Victorian era, when a pause between steam technology and the age of electricity contributed to a slump in productivity. |
| In an interview with the Telegraph, Broadbent said the term applied by economic historians to describe such a slump was “climacteric”, which he said essentially means “menopausal, but can apply to both genders. You’ve passed your productive peak.” | In an interview with the Telegraph, Broadbent said the term applied by economic historians to describe such a slump was “climacteric”, which he said essentially means “menopausal, but can apply to both genders. You’ve passed your productive peak.” |
| Frances O’Grady, the general secretary of the TUC, said the language Broadbent used in his interview was “totally inappropriate”. | |
| “There’s no need to resort to lazy, sexist comments to describe problems in the economy,” she said. | |
| Broadbent issued a statement on Wednesday morning after his comments drew widespread criticism: “I’m sorry for my poor choice of language in an interview with the Telegraph yesterday and regret the offence caused. | Broadbent issued a statement on Wednesday morning after his comments drew widespread criticism: “I’m sorry for my poor choice of language in an interview with the Telegraph yesterday and regret the offence caused. |
| “I was explaining the meaning of the word “climacteric”, a term used by economic historians to describe a period of low productivity growth during the 19th century. Economic productivity is something which affects every one of us, of all ages and genders.” | |
| Robert Peston, the political editor of ITV, tweeted that Broadbent’s language was “sloppy and potentially offensive”. | |
| Highly offensive! Menopausal women are not “unproductive”. | Highly offensive! Menopausal women are not “unproductive”. |
| Louise Newson, a GP and medical writer said it was a “terrible analogy”, while another Twitter user, Rebecca Harvey said it was a shocking example of #everydaysexism. | Louise Newson, a GP and medical writer said it was a “terrible analogy”, while another Twitter user, Rebecca Harvey said it was a shocking example of #everydaysexism. |
| Broadbent, a former economist at the investment bank Goldman Sachs, is considered a potential successor to the Bank’s governor, Mark Carney. As deputy governor for monetary policy, he sits on the monetary policy committee, which is responsible for setting interest rates. | |
| Carney has previously attributed a 25% gender pay gap at the Bank – with male employees paid almost a quarter more than their female colleagues – to the fact that men dominate the most senior positions. Of the nine members on the MPC, just one – Silvana Tenreyro – is a woman. | Carney has previously attributed a 25% gender pay gap at the Bank – with male employees paid almost a quarter more than their female colleagues – to the fact that men dominate the most senior positions. Of the nine members on the MPC, just one – Silvana Tenreyro – is a woman. |
| Broadbent gave the interview after official figures showed that productivity fell 0.5% in the first three months of 2018, at a time when employment in Britain hit a fresh record high but growth slowed to just 0.1%. | Broadbent gave the interview after official figures showed that productivity fell 0.5% in the first three months of 2018, at a time when employment in Britain hit a fresh record high but growth slowed to just 0.1%. |
| “The result of a long period in which productivity growth is weak is not so much that I get more employment than I otherwise would have done, it’s that I get less output growth and less income growth,” Broadbent told the Telegraph. | “The result of a long period in which productivity growth is weak is not so much that I get more employment than I otherwise would have done, it’s that I get less output growth and less income growth,” Broadbent told the Telegraph. |
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