The UK’s financial sector argues that the term ‘black market’ should be avoided because of its ‘racist overtones’, suggesting instead the use of a more neutral term, ‘illegal market’. This call comes from UK Finance, a lobby group representing the interests of UK banks and financial institutions.
In an effort to avoid language that could be perceived as “exclusionary” or “discriminatory”, UK Finance has issued a list of expressions that banks and financial institutions should avoid, RT reports. In addition to “black market”, UK Finance suggests in its 2021 inclusivity guide that the term “black hat”, which in cybersecurity refers to an unauthorized user on a network, should be replaced with “unethical”. In addition, “sanity check” should be replaced by “functional test” to avoid any implication of disability.
David Postings, the chief executive of UK Finance, said the body takes linguistic issues in society “extremely seriously”.
UK Finance has issued guidance that recommends the use of ‘illegal market’ over ‘black market’ as it says the latter is a ‘racist’ phrase. Conservative MP Nigel Mills has called the advice ‘woke nonsense’.
Don’t forget the ‘grey’ and ‘white’ markets…https://t.co/oKNsr2Rmqi
— adamgwhitlock (@adamgwhitlock) August 5, 2023
However, the initiative has received mixed reactions. Nigel Mills, a Tory MP, has called the guide “woke nonsense”, commenting:
– You’d think bank bosses would have their focus on the country’s economy rather than this..
This debate on language inclusivity comes in the wake of similar initiatives in other sectors. Earlier this year, the Mayor of London, Sadiq Khan, was criticized for banning civil servants from using gendered terms such as “ladies and gentlemen”, urging them to use “people” or “Londoners” instead.
