Every senior official at the bank – except for the governor, Andrew Bailey – has had their salary increased, averaging more than £4,300 each.
Bosses at the Bank of England have had their salaries increased by an average of £4,300, even as they tell ordinary workers not to accept pay rises.
According to openDemocracy, every senior official at the bank – except for the governor, Andrew Bailey – has had their salary increased, averaging more than £4,300 each.
Meanwhile, Bailey has cautioned hard pressed public sector workers against pay rises, using the wage-price spiral argument to claim it would lead to further inflation. This despite the fact that the IMF recently released a report highlighting how corporate profiteering was the largest contributor to Europe’s inflation.
openDemocracy reports: “New records show Bailey’s top team saw their own wages go up in the last financial year, with his deputies each now earning between £348,000 and £378,000.
“Comparisons with the previous year cannot be made with every official, because some only joined the bank recently.
“But accounts name Bailey as the only person who “declined to accept” the pay rise – although his total pay still stands at more than £498,000.
“On top of this, the governor cashed in £99,000 in lieu of his pension, bringing his total remuneration to almost £598,000.”
Basit Mahmood is editor of Left Foot Forward
(Picture credit: Images George Rex)
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