In 2018 we were one of the first organisations to conduct a special Cognitive Diversity Survey to gain a better understanding of how our colleagues feel about working at the Bank. The survey measured seven inclusivity metrics including interpersonal interactions, flexible working, communication with leaders as well as recruitment and promotion, and results are cut across twelve different aspects of diversity. Our results indicate colleagues are generally positive about inclusiveness at the Bank on every metric measured by the survey. And 80% of colleagues in our annual employee survey reported they think the Bank takes diversity seriously, 7 percentage points higher than the UK average. And 87% of Bank colleagues say they are treated with respect as an individual, 6 percentage points higher than the UK average. 1  See also my letter to Nicky Morgan, Chair of the Treasury Select Committee, on 4 July 2018. 5  All speeches are available online at www.bankofengland.co.uk/publications/Pages/speeches/default.aspx  5  Let me now turn specifically to ethnic diversity at the Bank. Investing in ethnicity2 Our diversity and inclusion strategy has had a positive impact on BAME diversity at the Bank of England. Since we implemented name-blind recruitment processes in March 2018 around one quarter of all recruitment offers (internal and external) have been to declared BAME candidates. But there is scope for further improvement. The turnover rate of declared BAME colleagues is higher than that for the Bank as a whole – 9.2% compared with 7.5% as of January 2019.
In this regard it is worth mentioning the activities of the Instituto de Crédito Oficial (ICO) in Spain as a key provider of venture capital, either directly or indirectly, through FOND-ICO Global, a “fund of funds” whose goal is to promote the creation of private venture capital funds that invest in Spanish companies. At the European level, the European Investment 6  For recent evidence in the euro aera, see ECB (2018): “Investment in intangible assets in the euro area”. ECB Economic Bulletin, Issue 7/2018 7 C. Corrado, J. Haskel, C., Jona-Lasino and M. Iomni (2018), “Intangible investment in the EU and US before and since the Great Recession and its contribution to productivity growth”, Journal of Infrastructure, Policy and Development, Volume 2 Issue 1. 8 Cotec Foundation for Innovation-Ivie (Instituto Valenciano de Investigaciones Económicas). Intangible assets: database for Spain and its autonomous communities (1995-2014). April 2017. Database available at: http://informecotec.es/activos-intangibles/. 9  Brown, J. R., Fazzari, S. M. and B. C. Petersen (2009): “Financing Innovation and Growth: Cash Flow, External Equity, and the 1990x R&D Boom”, The Journal of Finance, Vol. LXIV, No. 1 4/6  Bank Group also supports innovation through different instruments such as guarantees, SME loan securitisation and venture capital. The public sector can also play a relevant role in supporting innovation through the education system since a key element of innovation is the supply of high-skilled workers. An improvement of the quality and functioning of the education system can therefore have a positive contribution to innovation.