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Next Bank of England governor’s pay deal ‘undecided’

Jenna Towler
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Jenna Towler

The salary and pension deal for the next governor of the Bank of England is still ‘undecided’. the BBC reports.

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.