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BoE boss defends pay

BoE boss defends pay
The next Governor of the Bank of England has defended his pay package in front of MPs.

Mark Carney faced the Treasury Select Committee today and confirmed his total remuneration for the post was in excess of £800,000.

Asked if he would have accepted less, Mr Carney said: “I was offered those terms and I accepted them.”

In particular, the Canadian banker was quizzed about his £250,000 housing allowance package.

He said: "It is consistent with many executives who move to this country or other countries and in order to equalise in broad terms from where they live to where they arrive. I’m moving from one of the least expensive cities in the world, Ottawa, to one of the most expensive."

Mr Carney also told the MPs that when he starts the new post in four month's time, slack in the economy would merit significant monetary policy stimulus.

"When I come to table there will continue to be considerable slack," he said.

"Unquestionably that will be a situation that merits considerable monetary policy stimulus, and those judgements about which instruments to use have to be guided by remit given to the bank."

After the session, the Treasury Committee confirmed Mr Carney's appointment.

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