17  All speeches are available online at www.bankofengland.co.uk/speeches  17  Chart 14: Median ethnicity pay gap by sector, sample average Ethnicity pay gap, per cent  London  20  Other 15  10  5  0  ‐5  ‐10  ‐15 Agriculture  Industry  Construction Trade and transport  ICT  Ethnic minority minority ethnic  Finance  Real Estate Professional Public sector  Other  White white  Source: ONS Labour Force Survey and Bank of England calculations. Note: A positive ethnicity pay gap in this chart indicates that ethnic minorities earn less than their white counterparts, whereas a negative ethnicity pay gap indicates that ethnic minorities earn more than their white counterparts. If we look at ethnic minority workers at a more granular level, some interesting cohort effects emerge. There is a very wide dispersion of pay among different ethnic minority cohorts, with some having negative and others positive pay gaps compared with their white counterparts (Chart 15). Median hourly pay is highest for those of Chinese ethnicity, at just over £ or around 15% higher than for whites. There are also negative pay gaps, though smaller ones, for workers from a mixed/multiple ethnic and Indian background. At the other end of the spectrum, there are significantly positive pay gaps for other ethnic minority cohorts, including black and Afro-Caribbean workers. The largest pay gaps are for workers from a Pakistani and Bangladeshi background, which average 13% and 20%, respectively (Chart 15).
Let me mention just four: 1.  to preserve peace;  2.  to improve economic prospects;  3.  to defend our values; and  4.  to increase personal options continent-wide. The founding fathers of the EU were willing to make political sacrifices to end bloodshed in Europe, following two devastating wars just decades apart. Let us not forget that we are here in a former prison in which every respected Luxembourg family had relatives who stood up for these values. After 70 years of peace in western Europe it is easy to be complacent that war will not happen again. Yet the current situation in Syria, Iraq, Ukraine and that of the Balkans in the 1990s shows that peace is vulnerable, even on our doorstep. But defence and security have to be understood as a common endeavour. The economic benefits of the Union are well documented: free trade, the removal of non-tariff barriers, the elimination of transactions costs of foreign exchange payments and the introduction of a single yield curve across the euro area to name but a few. These measures have reduced costs for businesses and households, and in turn generated higher income and created jobs. Looking ahead, also the recovery is on track to overcome the crisis. Europeans, for all our differences, have many values that we share more closely than even close allies such as the United States. Our social model ensures adequate healthcare and workers’ rights that are absent elsewhere.