King declines bumper pay hike

Mervyn King, the governor of the Bank of England who has repeatedly called on UK employers to avoid hiking wages in line with rising inflation, has refused a salary increase that would have seen his pay soar by more than a third.

King declined a revised remuneration package, which would have seen his basic pay rocket by up to 37.6% to between £375,000 ($747,659) and £400,000. The new salary package was a result of a 2006 review carried out by the Bank's Remuneration Committee, which found tha

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