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Carney will earn £480k a year as BoE Governor

Mark Carney will receive an annual salary of £480,000 when he takes over the role of Governor of the Bank of England in July 2013.

Today’s confirmation of Carney’s salary means he stands to earn 57 per cent more than current Governor Mervyn King, who is reportedly on an annual salary of £305,000.

A statement from the non-executive directors of the Bank of England has today confirmed Carney will also receive a cash allowance in lieu of pension of 30 per cent of salary.

The directors have also confirmed their support for an annual accommodation allowance of £250,000. This will be subject to tax at 45 per cent.

Carney will additionally serve a reduced term as Governor. Instead of the full eight years Governors have previously been required to serve, Carney’s term will run to just five.

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