ePaper

Friday, May 25, 2018

Uk Bank chief sorry for 'menopausal' gaffe

  • Print

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".

The comments sparked a backlash from women on Twitter who objected to his use of the phrase.

Nikki Garnett, who writes a blog for women over 40, said: "How dare you Ben Broadbent?

"Menopausal women have not lost their potency, in fact they are just reaching it... as I suspect you will find out in reactions to your anachronistic comment."

The economist 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.

He is thought to be to among a number of potential successors to the Bank's governor Mark Carney.

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.

Artificial intelligence

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.

Last week the MPC announced it was holding interest rates at 0.5%, representing a U-turn for the Bank of England (BoE), which had been expected to reveal a raise.

It followed a slowdown in growth to 0.1% in the first quarter, blamed in part on bad weather.

More News For this Category

Emmanuel Macron in Russia for major talks with Putin

| By
French President Emmanuel Macron will visit Saint Petersburg on Thursday to meet his Russian counterpart Vladimir Putin, with the Iran nuclear deal as well as conflicts in Syria

UK Mosque becomes first to accept bitcoin

| By International Desk
A London mosque is thought to be the first in the world to accept bitcoin donations, one month after an Islamic scholar declared the cryptocurrency permissible under Sharia
UK Mosque becomes first to accept bitcoin

We'll know next week about Kim summit: Trump

| By
US President Donald Trump said Wednesday the fate of a landmark summit with North Korea's Kim Jong Un will be decided "next week," as aides traveled to Singapore

Two die, 20 injured in train accident in Italy

| By
Two people died and 20 were injured when a regional train crashed into a truck in the northern Italian region of Piedmont, emergency services said on Thursday.

China, Germany standing by Iran nuclear deal: Merkel

| By
German Chancellor Angela Merkel said on Thursday China and Germany are standing by the existing nuclear deal with Iran after the United States left the 2015 accord earlier

Cyclone Mekenu pummels Yemen

| By
Seven people were missing and hundreds of others evacuated from their homes after Cyclone Mekunu hit the Yemeni island of Socotra Wednesday night, causing severe flooding and damage

Trump calls off North Korea summit

| By Asian Age Online
US President Donald Trump on Thursday called off a planned summit with North Korean leader Kim Jong Un, even after North Korea followed through on
Trump calls off North Korea summit

N Korea blows up nuke test site

| By Asian Age Online
North Korea followed through on a pledge to blow up tunnels used for nuclear testing on Thursday, media reported, as part of steps
N Korea blows up nuke test site

Ukraine paid Cohen for Trump meeting

| By Asian Age Online
US President Donald Trump’s personal lawyer, Michael Cohen, received a secret payment of at least $400,000 to arrange talks between Trump and Ukrainian President Petro
Ukraine paid Cohen for Trump meeting

N. Korea calls Pence 'ignorant and stupid'

| By Asian Age Online
North Korea called US Vice-President Mike Pence "ignorant and stupid" for his warnings over a
N. Korea calls Pence 'ignorant and stupid'

© 2018 The Asian Age