xvi Newton, L (1990) “Overconfidence in the Communication of Intent: Heard and Unheard Melodies.” Unpublished doctoral dissertation (Stanford, CA: Stanford University) as cited in ‘The Curse of Knowledge’ by Heath, C and Heath, D, Harvard Business Review, December 2006. Available at: https://hbr.org/2006/12/the-curse-of-knowledge xvii Luhmann, N (2000), “Familiarity, Confidence, Trust” and H. Farmer, R. McKay, M. Tsakiris. “Trust in Me: Trustworthy Others” “in Gambetta, Diego (ed.) Trust: Making and Breaking Cooperative Relations, electronic edition, Department of Sociology, University of Oxford, Chapter 6, pp. 94 – 107 and Farmer et al (2013). xviii The Bank aims to move female representation at senior levels from 30 to 35 per cent by 2020, and BAME representation at senior levels from 6 to 13 per cent by 2022. xix Social Mobility Commission (2016a), “State of the Nation 2016: Social Mobility in Great Britain”, November;; Cabinet Office (2016), “Socio-Economic Diversity in the Fast Stream”, February; and Social Mobility Commission (2014), “Elitist Britain?”, August; Institute for government research: https://www.instituteforgovernment.org.uk/blog/civil-service-fast-stream-six-charts . See also Friedman, D and Laurison, S (2015), “Introducing the ‘Class’ ceiling”, LSE sociology department working paper; and Social Mobility Commission (2016b), ”Socio-Economic Diversity in Life Sciences and Investment Banking”, July. xx A US study showed that gender and ethnic representation in the US economics profession (academic and student populations) remains below that in other disciplines. Interestingly, diversity had improved in Science and Technology (STEM) subjects and business and management studies, but not in economics.

Our recently created visual summary of the Financial Stability Report, explained how risks in both the UK and the global environment may affect financial stability without the need for dense text. Conclusion  Our staff survey last year showed that almost 80% of staff felt that the Bank takes diversity seriously, and 90% of people felt respected. Our direction of travel is encouraging, but we are far from satisfied. To take this to the next level, we have two priorities. First, we need to do more to change the way that we work. To maximise the potential of our people, the Bank needs to embrace fully collaborative working in diverse teams. We have an incredible endowment of skills and experience. We maximise our impact when we get together - across disciplines and across  8  All speeches are available online at www.bankofengland.co.uk/speeches  8  areas. Everyone in the Bank should be able to devote some proportion of their time to such cross-cutting work. Second, we need to make our communications more inclusive. Everyone, every day in the Bank will benefit if our thinking tailored to its audience. This also means making the Bank more permeable, so that internal analysis can be more readily lifted and shared with others. And it means considering what we communicate, through which channels and to whom. Just as having a diverse and talented workforce has been a central pillar of our current strategic plan these priorities will be platforms of our next one.