The advert for Sir Mervyn King’s replacement, published in today’s Economist, said the bank was searching for a person of ‘integrity’ to lead it.

King benefits from a £200,000 a year final salary pension for life. The BBC said if the bank were to offer his successor less generous terms, a higher salary may have to be offered.

King currently takes home a basic salary of £305,000 a year, which has been frozen since 2010. The report said he had refused offers of pay increases to as much as £400,000.

A spokesman for the bank confirmed to the BBC the remuneration package for the next governor was yet to be finalised.