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BoE governor King rejected £100,000 pay rise

Bank of England governor Mervyn King rejected a £100,000 pay rise when he started his second term this month.

The BoE’s annual report published yesterday, revealed that King’s rejected a pay rise recommended by the Remuneration committee, which said the governor’s salary was low for the size and responsibilities of the role.

The committee recommended the governor’s salary rise to between £375,000 and £400,000, but King took a pay rise of just 2.5 per cent from £283,564 to £290,653.

The BoE has repeatedly urged employers to exercise restraint in pay deals and warned against households pushing for higher wages to counter the effects of inflation.

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