The Bank of England is under fire for an internship programme exclusively available to candidates of "black or mixed black heritage", with Tory frontbenchers branding the scheme as "outrageous."
The Bank has caught the attention of senior MPs and Tesla owner Elon Musk by advertising a role that offers £96.15 per day over an eight-week period next year, as reported by .
The Black Future Leaders Sponsorship Programme, which provides university students with the opportunity to work on Threadneedle Street, is solely open to individuals of "Black/mixed Black Heritage background" and those whose household income is less than £50,778 annually.
Interns participating in the programme will also receive a grant of £5,000 to assist with one year of university living expenses.
Additionally, they will have the option to work remotely as part of a "hybrid" work arrangement.
Prominent Conservative MPs have criticised the Bank for straying from meritocratic standards in its recruitment process.
"Discrimination based on the colour of someone's skin is racism whichever direction it is in and the Bank of England should immediately cancel this terrible social-engineering plan or heads must roll," stated Andrew Griffith, the shadow business secretary.
"These racist DEI schemes are outrageous and need to stop."
Robert Jenrick, the shadow justice secretary, also expressed his views: "It is deeply unfair that the Bank of England is engaging in race-based hiring.
"Our institutions need to stop dividing our country and return to meritocratic recruitment."
Bank of England defends scheme
The programme came under scrutiny following intervention by former Reform º£½ÇÊÓƵ MP Rupert Lowe, who now sits as an independent in parliament.
Lowe penned a letter to Governor Andrew Bailey urging the Bank to "stop indulging in divisive racial gatekeeping".
Musk replied to a tweet featuring a copy of his correspondence, asserting "anti-white racism is still racism".
A Bank of England spokesperson commented: "As a public institution whose duty is to serve all the people of this country, we seek to ensure that our workforce broadly reflects our society.
"With this in mind, we offer a variety of programmes and opportunities, of which the Black Future Leaders Sponsorship Programme is one."
The expansion of equality, diversity and inclusion (EDI) initiatives is presently under examination, with public organisations encountering heightened scrutiny regarding policies and guidance they implement.
The Financial Conduct Authority faced criticism in an Institute of Economic Affairs report for extending equality legislation "far beyond" its mandate.
The City regulator subsequently abandoned a consultation on diversity regulations to prevent additional regulatory burdens.
Reform º£½ÇÊÓƵ deputy leader Richard Tice vowed the party would abolish EDI legislation and prohibit programmes that might breach meritocratic principles.
