Monday, Jul 14, 2008
Disguating! How can they even think of pay rises of this size!
Telegraph: Bank of England's Mervyn King turned down £110,000 pay rise
So you are in charge of the BOE and can not stop INFLATION. Hello - what is the point of the bank then, infact why bother with the letters? This is now getting so silly I am not sure whether to laugh or cry. So he turns down a 50% pay rise but ASKS us to be patient and not get any more money for 10% inflation. He is on over £250K FOR DOING NOTHING! Rant Over.
Posted by waitingfor hpc @ 10:23 PM (504 views) Add Comment
9 Comments
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1. japanese uncle said...
Didn't he write a letter of explaining to the Chancellor this year?! One letter should mean 50K pay cut for this man and other MPC members. Thats is the meritocracy they so love and praise all the time, indeed. We must stop rewarding failure and losers like this once and for all!!
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3. little professor said...
Hey, at least he turned down the offer.
4. Jayk said...
So, he turns down a pay increase and you come on here and post an hysterical, irrational, ad hominem rant. Please go away and return only when you have calmed down, grown up and learnt how to behave sensibly.
5. taffee said...
all he had to do was raise rates a little in 2005 and we wouldn't be in this mess...what is concerning is that a £110,000 was even tabled for failure
6. holding out said...
He did actually vote against the rate reduction in 2005.
Can you name any other public official who has turned down a pay rise.
The country is a right bleedin' state far worse than comparable countries. But we need some perspective - Inflation (the remit of the MPC) is over target and poorly measured but that is true of all comparable countries. MK is about the only voice in the whole sorry shower of officialdom who has at least spoke out about excesses and bubbles.
7. it_is_going_with_a_bang said...
What I would like to know is WHY was he offered a 50% payrise in the first place?
I fail to see how anyone could put forward a proposal like that and be able to justify it.
8. str 2007 said...
Yes indeed
Who on earth is offering 100k pay rises for doing the same job ?
And whilst MK might of voted against a rate cut in 2005, their still was one. That means he sits round a table and puts his hand in the air at an opportune moment. £295k. That seems alot to me. Another 100k. You are having a laugh.
At least he had the decency to turn it down.
But as said by others I think a pay cut is the order of the day.
Does anyone know how much the other 8 or 9 are paid for sitting around a table once a month and making incorrect decisions ?
9. Jayk said...
@taffee,
Records show King voted against that August 05 interest rate cut but was outvoted by his committee, yet ever since people who have no idea what they are bleating on about blame him for that error. And are you saying he should be able to ignore the MPC and we should put UK monetary policy in the hands of a single person?
He was offered the rise as part of a new contract. As you will recall, he was recently reappointed for another fixed term on another fixed contract.
And the failure lies squarely at the door of the likes of Bush, Blair and Brown, not King. King and Bernanke are dealing with a catastrophe of politicians' making, and I'm sure they know even they are powerless to prevent what is coming.
PS As a great man once said, "moral indignation is a jealous rage with a self-affixed halo"..... Lot of that here, as usual.