Thursday, 20 December 2012 09:41
Mark Carney to earn £480,000 per year for new Governor role
The incoming Governor of the Bank of England Mark Carney will earn £480,000 for his position next year.
The non-executive directors of the Bank confirmed the financial details of Mr Carney's appointment this week after his appointment in November.
He will also receive a £250,000 annual accommodation allowance for him, his wife and four children which will be subject to 45 per cent tax.
Mr Carney is the first non-British national to hold the position as he grew up in Canada but Chancellor George Osborne has said he will apply for British citizenship.
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This salary is £175,000 higher than current Governor Mervyn King's pay of £305,000. However, the Bank says enrolling Mr Carney in the same pension scheme as Mr King, which is now closed, would have approximated more than 100 per cent of his salary.
Instead, Mr Carney will be entitled to a 30 per cent cash allowance in lieu of a pension.
Mr Carney was appointed in November from his role as Governor at the Bank of Canada where he has worked since 2008. He will take up his position in the UK on 1 July for five years, shorter than the standard eight year term.
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The non-executive directors of the Bank confirmed the financial details of Mr Carney's appointment this week after his appointment in November.
He will also receive a £250,000 annual accommodation allowance for him, his wife and four children which will be subject to 45 per cent tax.
Mr Carney is the first non-British national to hold the position as he grew up in Canada but Chancellor George Osborne has said he will apply for British citizenship.
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This salary is £175,000 higher than current Governor Mervyn King's pay of £305,000. However, the Bank says enrolling Mr Carney in the same pension scheme as Mr King, which is now closed, would have approximated more than 100 per cent of his salary.
Instead, Mr Carney will be entitled to a 30 per cent cash allowance in lieu of a pension.
Mr Carney was appointed in November from his role as Governor at the Bank of Canada where he has worked since 2008. He will take up his position in the UK on 1 July for five years, shorter than the standard eight year term.
• Want to receive a free weekly summary of the best news stories from our website? Just go to home page and submit your name and email address. If you are already logged in you will need to log out to see the e-newsletter sign up. You can then log in again.
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