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Laura

Merv Went Into Austerity Mode On Reappointment...

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http://business.timesonline.co.uk/tol/busi...icle4331728.ece

Mervyn King said no to a pay rise of more than £100,000 when he was re-appointed as Governor of the Bank of England earlier this year. It is understood that Mr King thought accepting the salary rise would be "inappropriate".

As Governor, he was entitled to a new pay package of between £375,000 and £400,000, with lower pension benefits but Mr King declined the new deal and said he would remain on his current salary of around £290,000, figures in the Bank's annual report show.

He has accrued a pension of more than £4 million while at the Bank, although he will receive no further pension contribution from the Bank in his second term in office which runs from this month until the end of June 2013. This is because he has reached the age of 60, the age at which the pension scheme deems that a person has retired.

A review of salaries paid to members of the Bank's MPC in 2006 found that while external members of the MPC, who earn around £95,000 a year, were adequately paid, the Governor should be paid more, between £375,000 and £400,000, but receive less pension benefits.

The review said that pension contributions should be between 15 per cent and 30 per cent of salary, rather than the near 80 per cent the Governor received last year.

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...external members of the MPC, who earn around £95,000 a year, were adequately paid...

so run that by me again

blanchflower gets £95K a year.

he isn't worth 95p. :angry:

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Although he is paid a huge amount I would expect that for his position. Most of the elite would have probably said the £100k extra is not enough.

Well done Merv.

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Although he is paid a huge amount I would expect that for his position. Most of the elite would have probably said the £100k extra is not enough.

Well done Merv.

What can he see on the horizon? If times were plentiful and I was him, i would take the rise. No. 1 and all that...

I reckon he can see a sh*tstorm.

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What can he see on the horizon? If times were plentiful and I was him, i would take the rise. No. 1 and all that...

I reckon he can see a sh*tstorm.

Yes. I wonder what it says that John Gieve is paid for his posts at the BoE and FSA? ;)

Mervyn King is a very astute man. I'm certain that this is a move to ensure he is bulletproof when things next kick-off.

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  • 395 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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