LGBT Network at Bank of England

The Bank’s LGBT Network has the following aims:

• Offering support to anyone dealing with issues relating to sexual orientation (eg, either personally or with friends and family)
• Offering help with regards career issues (eg, buddying and mentoring)
• Reflecting the diversity of our organisation which may help and support existing staff or staff joining or considering joining the Bank

Three Pillars

The network has adopted three pillars of activity to support delivery of our aims: Attract the Best and Brightest to the Bank, Work and Develop and Socialise

2016 and beyond

And we want to take our network to the next level and for 2016 we have five clear objectives to help us do that:

• Relaunch a new network for the larger Bank
• Encourage wider participation in the LGBT network
• Understand where we are – improving diversity data
• Use monitoring data to identify any problems
• Work with LGBT charities and raise awareness of the LGBT network

The LGBT Allies network launched in the Court Room, Threadneedle Street on 3 June 2015. Around 100 people helped celebrate the launch including the Governor, Charlotte Hogg, Andrew Gracie (the LGBT Network Executive Sponsor)

The Co-chair of the LGBT network welcomed everyone to the event and explained what the Allies network was all about. LGBT Allies are people who are visible in their support for LGBT colleagues. Allies form part of the Bank’s LGBT Network and commit themselves to help create and encourage an inclusive working environment where their LGBT colleagues feel able to bring their whole selves to work.

Suki Sandhu, Founder of Outstanding (a not-for-profit network for LGBT employees and allies) then spoke about why Allies were needed.He quoted research that 62% of LGBT graduates who were out at university go back in the closet when they start their first job. Additionally, Suki pointed out that inclusivity benefited employers as well as employees. An inclusive work environment helps firms retain the best staff: closeted LGBT employees are 70% more likely to leave a company within three years, when compared with those who are out. And staff who feel able to be themselves at work are more productive.

Andrew Gracie (LGBT Network Executive Sponsor) noted that in the past the Bank had not reflected the diversity of the United Kingdom, but improving diversity and inclusion across the Bank is a key priority for EdCo and the rest of the senior management team. To make the Bank a truly diverse and inclusive workplace we needed to go beyond passive actions such as ensuring we had the right policies in place, and make an active statement of support for colleagues regardless of the diversity of their backgrounds.

LGBT+ and Allies Network Causes

World AIDS Day 2016

In support of 2016’s World AIDS Day, the Bank of England’s Threadneedle Street building was lit up red for the first time.

Their LGBT+ and Allies Network marked the day by raising money for the Terence Higgins Trust (THT). Members of the Network encouraged staff to purchase and wear red ribbons. They are provided information to staff about World AIDS Day and the work of THT.

Fundraising for THT enabled them to continue offering support, information and advice services for those living with and affected by HIV.