Bank of England Governor turns down pay rise

| June 2, 2010 | 0 Comments

Mervyn King, the Bank of England’s Governor, has turned down a pay rise worth more than £15,000, according to the Bank’s annual report.

The report, published today, revealed Mr King waived his right to a pay rise and comes just a few weeks before the Government is expected to announce severe spending cuts in an emergency budget.

Mr King, who chairs the bank’s interest rate-setting committee, is entitled to an automatic increase of 2.5% a year.

His pay will remain at £302,885 until 2012 but he did not divulge his reasons for turning it down.

Mr King also turned down a pay rise when he was reappointed for a second term as Governor in July 2008 - the height of the global financial crisis.

Meanwhile, the annual report said: “In relation to 2010 and 2011, the governor has advised the remuneration committee that he does not wish to receive any increase in his salary.”

The announcement comes after Prime Minister, David Cameron, and his senior ministerial team trimmed their own pay by 5%.

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