The Bank of England has admitted it has fallen short of ensuring employees from minority ethnic groups receive equal treatment, following a critical report by the bank’s oversight body.

“The experience of colleagues with different ethnic backgrounds has not reflected the kind of institution we want to be,” governor Andrew Bailey said.

The report, published on July 21, concludes a review into the ethnic diversity and inclusion (D&I) of the BoE, which was commissioned by the bank’s Court last