Bank of England losing economists to the City

The annual report of the Bank of England, published on 25 June, acknowledged concerns about the departure of some of the central bank's economists, seduced away from Threadneedle Street by the promise of higher pay in the financial service sector.

The salary of the governor, Mervyn King, rose to £283,564 last year, according to the report. The starting salary offered by the Bank to an economist with a PhD is £37,230, which is only about one-third of the 2005 average earned by their counterpart

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