Bank Of England's Mervyn King Turned Down £110,000 Pay Rise

[Guest sillybear2]

Bank of England's Mervyn King turned down £110,000 pay rise

Mervyn King, the Governor of the Bank of England, has turned down a pay rise of around £110,000 because he did not feel it was appropriate in the current economic climate.

Mr King was entitled to receive a salary package of between £375,000 and £400,000 when he was re-appointed as Governor at the beginning of this month, but instead chose to remain on his existing salary of £290,653.

A remuneration review in 2006 recommended awarding the Bank's Governor a salary of up to £400,000.

Mr King's refusal to take up the pay rise came after he was criticised for his handling of the Northern Rock crisis, and the Bank's failure to act sooner than it did.

It is understood that he did not feel it was appropriate to accept the pay increase when the UK was in the midst of a downturn.

Class act, he still gets a fair whack though.

[DementedTuna]

I like the guy a little more now.

He's doing a good job, I'm not sure why there's a lot of dislike towards him. There are a whole lot of people who would be doing a much worse job of it if they had the job right now... slashing interest rates would have happened with Gordo still running the roost, and then we really would have been screwed, especially the STR's on here with money in anything other than NS&I linked.

Edited July 14, 2008 by DementedTuna

[Kinky John]

I like the guy a little more now.

He's doing a good job, I'm not sure why there's a lot of dislike towards him. There are a whole lot of people who would be doing a much worse job of it if they had the job right now... slashing interest rates would have happened with Gordo still running the roost, and then we really would have been screwed, especially the STR's on here.

For sure ... he's had a rough hand and he's played it well. The main function of the govenor should be to go against the policies of the ditatorial government and he's done a good job at that. Ultimately he's been aware of the huge loose lending bubble for quite some time and seem's relatively unphased by all the political clap-trap that's been spouted. And he obviously doesn't believe in quick cure's or rapid rate cutting - I like the guy!

[Flatdog]

This news verges on the 'encouraging'...I am even more worried about the future now.

[MiCasaSuCasa]

Wasn't it Kenneth Clarke who was responsible for the rate cut in '05?

[domo]

You can guarantee Brown + Co will be scapegoating him when the **** hits the fan and the economy hits the c**per

Edited July 14, 2008 by domo

[time 2 raise interest rates]

I like the guy a little more now.

He's doing a good job, I'm not sure why there's a lot of dislike towards him. There are a whole lot of people who would be doing a much worse job of it if they had the job right now... slashing interest rates would have happened with Gordo still running the roost, and then we really would have been screwed, especially the STR's on here with money in anything other than NS&I linked.

It would be much better if you had it in property with CPI inflation soaring, mortgage rates soaring,but

no pay rise, burying you deeper in debt.

[thecrashingisles]

Wasn't it Kenneth Clarke who was responsible for the rate cut in '05?

You what? Kenneth Clarke stopped being chancellor in 1997.

[kilroy]

Wasn't it Kenneth Clarke who was responsible for the rate cut in '05?

Merv actually voted against the rate cut in 05

[Guest sillybear2]

The Halifax and BBC did a good run up to last week's MPC meeting, the external pressure put on was an almost exact re-run of the August 2005 cut, didn't work though!