Published: Wed, May 16, 2018
Markets | By Otis Pena

Top banker "sorry" for sexist description of economy

Top banker

Bank of England Deputy Governor Ben Broadbent apologised on Wednesday for describing Britain's economy as going through a "menopausal" phrase, a comment that was roundly criticised.

His choice of words sparked criticism on Twitter, forcing the Bank of England to issue a statement.

Ben Broadbent, deputy governor for monetary policy at the bank, faced a backlash after saying a slowdown in wages and growth means Britain's economy is one of those "past their peak and no longer so potent".

Broadbent said that during the era, there was a "climacteric" effect where "productivity growth suddenly slowed pretty much to a halt". "You've passed your productive peak".

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Mr Broadbent said the cause of the current productivity slowdown, which has lasted nearly 10 years, was uncertain but the knock-on effect means there is less money for public spending.

In an interview with The Daily Telegraph, Mr Broadbent said taht the term economists used to describe this sort of slump was "climacteric", which he said essentially meant: "Menopausal but can apply to both genders. Economic productivity is something which affects every one of us, of all ages and genders", the former Goldman Sachs economist added.

@SebCavendish said: "Inappropriate use of the word; for many women menopause is liberating, freedom".

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