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Finance has a shocking gender pay gap. Shining a light on it is just the start | Nicky Morgan

Pay discrepancies are bad for business, and yet they are rife in finance. Our inquiry is committed to fixing this for good

• Nicky Morgan, the Conservative MP for Loughborough, is the first female chair of the Commons Treasury select committee

The gender pay gap in financial services is astonishing. It’s almost 100 years since International Women’s Day was first observed, and still we find women at some of the country’s top financial institutions are paid half as much as men.

Firms with more than 250 employees are required to publish details of their gender pay gap by April. Barclays International has published a mean gender pay gap of 48%. For bonuses, it’s 79%, meaning that for every £100,000 of bonuses handed out to men, women are only getting £21,000. The respective figures are 37% and 64% for RBS, and 33% and 65% for Lloyds.

Related: Firms underpaying women should be fined. Under Labour they will be | Dawn Butler

Sunlight is the best disinfectant, and sanctions may be necessary to ensure openness and transparency

Related: Decades after Iceland’s ‘day off’, our women’s strike is stronger than ever | Selma James

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Source: The Guardian