Small firms 'must report gender pay gaps' - Bank
The government must force small businesses to report their gender and ethnicity pay gaps, according to a senior Bank of England official.
Andy Haldane, the Bank's chief economist, said that unless companies with more than 30 employees are made to report the figures, the UK will fail to make real progress on wage inequality.
As the Guardian reports, at a European Central Bank conference Haldane said that the UK's gender pay gap is stuck at nearly 10 per cent, despite some progress being made in recent years.
He said: “There is currently no compulsory system of company reporting on the ethnicity pay gap in the UK, though the government has consulted on doing so. In my opinion, there are therefore strong grounds for extending compulsory reporting to ethnicity as well as gender.”
Haldane said that just 31 per cent of businesses publish their pay gap figures, despite nearly two-thirds monitoring and recording it.
The government is currently consulting on whether all businesses should be forced to publish ethnicity pay gaps.