How Mark Carney's move from Canada cost the Bank of England over £100k

Peter Spence
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Mark Carney started work as Bank governor last July (Source: Getty)

The Bank of England paid £102,816 to assist governor Mark Carney and his family in their move from Ottawa, Canada, to London, according to the Bank of England's latest annual report.

The ex-Goldman Sachs staffer moved over to the UK with his wife Diana and four daughters last year. He even brought with him his own press spokesman, Jeremy Harrison.

Something to consider ahead of the arrival of Kristin Forbes and Nemat "Minouche" Shafik. The two new additions to the UK's interest-rate setting committee will both arrive in the country later this year.

The Bank has confirmed that they will both be reimbursed for the reasonable costs of their relocation - although we probably won't ever know much it cost to move them. These costs won't be included in future annual reports.

Carney's own relocation package covers practically everything you could think of. When grilled before MPs on the matter before he stressed that he had moved "from one of the least expensive capital cities in the world, Ottawa, to one of the most expensive". Here are the components of the moving bill:

  • Final flights to the UK for Mr. Carney and his family, as well as pre move home/school-search related flights [Mr. Carney’s family flew economy class]
  • Accommodation and ground transportation costs for Mr. Carney and his family during school/home search trips
  • Packing/unpacking, and removal and relocation of all household items
  • Moving insurance
  • Other removal related costs such as customs fees, interim furniture rental, et cetera
  • Relocation consultancy fees including home/school search assistance
  • Other miscellaneous expenses, including tax advice