Monday 14th July 2008
While many top politicians and those in positions of power are prepared to talk the talk, very few of them actually walk the walk, with MPs a prime example. However, after hitting the City with stinging criticism of high salaries and large bonuses, it has just been announced that Mervyn King, Governor of the Bank of England, turned down a £100,000 a year pay rise when re-appointed earlier this year.
It seems that King was more concerned about keeping inflation under control and leading by example rather than telling people what to do. While he still retains a very useful salary in the region of £290,000 a year he must take his place as one of the leading business figures to turn down such a generous pay rise. There is speculation that the £100,000 pay rise would have drawn King into some kind of political trap after he angered many in the Labour government about the issue of interest rates and Northern Rock.
Mervyn King has been one of the leaders of the fight against inflation, a fight which is very much ongoing at the moment. There had been speculation that he would be forced out of office by Gordon Brown, but he seems very keen to fight the fight from within the Bank. |
UK economy
While today’s decision by the Bank of England MPC was literally a no brainer it does not help the thousands of home owners who are struggling to make ends meet. As we read another report from the... 
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