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| British banks to abandon ‘racist’ term 'Black Market' | |
| (about 5 hours later) | |
| The industry’s proposals to avoid appearing racially biased or discriminatory in finance slang have been criticized | |
| The term ‘black market’ should not be used because it is racist, an umbrella group representing leading UK bankers has said, advocating the use instead of a more tolerant phrase, ‘illegal market.’ | The term ‘black market’ should not be used because it is racist, an umbrella group representing leading UK bankers has said, advocating the use instead of a more tolerant phrase, ‘illegal market.’ |
| UK Finance, a lobby group that represents the interests of British banks and financial-services firms, has issued a list of phrases that banks and financial institutions should avoid using, arising from concerns that many terms and phrases in common usage could be deemed offensive or discriminative. | UK Finance, a lobby group that represents the interests of British banks and financial-services firms, has issued a list of phrases that banks and financial institutions should avoid using, arising from concerns that many terms and phrases in common usage could be deemed offensive or discriminative. |
| Apart from the term black market, UK Finance’s inclusivity guide, issued in 2021, suggests that the term ‘black hat,’ used in cyber security to mean an unauthorized user on a network, should be replaced with ‘unethical.’ The lobby group also insists on changing ‘sanity check’ into ‘functional test’ in order not to “infer a level of disability.” | Apart from the term black market, UK Finance’s inclusivity guide, issued in 2021, suggests that the term ‘black hat,’ used in cyber security to mean an unauthorized user on a network, should be replaced with ‘unethical.’ The lobby group also insists on changing ‘sanity check’ into ‘functional test’ in order not to “infer a level of disability.” |
| “Two years ago, we issued a report in conjunction with Ernst & Young and Microsoft that looked at the issue of language in technology and cyber security,” a spokesman for UK Finance said, as quoted by The Telegraph. | “Two years ago, we issued a report in conjunction with Ernst & Young and Microsoft that looked at the issue of language in technology and cyber security,” a spokesman for UK Finance said, as quoted by The Telegraph. |
| According to David Postings, the chief executive of UK Finance, the lobby group takes linguistic issues in society “extremely seriously.” | According to David Postings, the chief executive of UK Finance, the lobby group takes linguistic issues in society “extremely seriously.” |
| The initiative, however, has not been welcomed universally. Nigel Mills, a Tory MP, called the guide ‘woke nonsense,’ saying: “You’d think bank bosses would have their focus on the country’s economy rather than this.” | The initiative, however, has not been welcomed universally. Nigel Mills, a Tory MP, called the guide ‘woke nonsense,’ saying: “You’d think bank bosses would have their focus on the country’s economy rather than this.” |
| Earlier this year, some MPs denounced London Mayor Sadiq Khan after he banned city staff from using gender-specific phrases such as ‘ladies and gentlemen,’ urging them to use ‘people’ or ‘Londoners’ instead. | Earlier this year, some MPs denounced London Mayor Sadiq Khan after he banned city staff from using gender-specific phrases such as ‘ladies and gentlemen,’ urging them to use ‘people’ or ‘Londoners’ instead. |
| For more stories on economy & finance visit RT's business section | For more stories on economy & finance visit RT's business section |