Huge surge in top paid staff at Bank of England

Tim Wallace
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THE NUMBER of staff paid more than £80,000 per year at the Bank of England shot up more than three-fold in the past year, its annual report showed yesterday.

Overall headcount increased by more than 50 per cent in the year to February 2014, to 3,625 – largely as a result of the Bank taking ex-Financial Services Authority staff into the new Prudential Regulation Authority.

But the top salaries increased by 255 per cent, with 632 staff now on more than £80,000 per year.

One member of staff was paid between £230,000 and £239,000, while 301 were paid between £80,000 and £99,999 last year.

This does not include directors and senior executives such as governor Mark Carney, who received a total of £586,010 in salary, pay in lieu of pension and a variety of other benefits.

Carney’s relocation costs, to cover him moving from Canada to the UK, have come to £102,816 so far.

His base salary alone comes to £320,000, up from the £305,368 paid to his predecessor Lord Mervyn King.

The deputy governors and executive directors are paid between £168,303 and £340,421 per year.

The senior staff can also choose to take their pensions in cash allowances of 30 per cent of salary.