Bank of England paid over £100,000 to move Mark Carney back to Canada

·Senior City Correspondent, Yahoo Finance UK
·2-min read
Governor of the Bank of England, Mark Carney, unveils the full design of the new ??20 note featuring JMW Turner at the Turner Gallery, Margate.
Former governor of the Bank of England Mark Carney unveiling the full design of the new £20 note featuring JMW Turner at the Turner Gallery, Margate. Photo: PA

Former Bank of England governor Mark Carney was the second highest paid employee at Threadneedle Street last year despite working just 14 days.

Carney made £443,965 ($616,250) in the last financial year, according to the Bank of England's annual report. The eye-watering total came despite the fact that Carney, who left the bank last March, worked just 14 days in the period covered by the results.

Despite working just a fortnight, Carney's pay package was only just behind that of successor Andrew Bailey, who earned £575,538 in his first full year as governor.

Carney earned a base salary of £260,308, which reflected the two weeks he worked at the start of the period and pay for a six month "cooling off" period when he wasn't allowed to take other work. He also received pension contributions of over £60,000 and a generous moving allowance. The bank paid over £100,000 to help Carney move from London back to his native Canada.

"In line with the approach taken after the appointment of Mr Carney as governor, requiring his relocation from Ottawa to London, the Bank met the costs of his and his family’s return to Ottawa," the Bank said in its annual report.

A spokesperson declined to comment any further on the arrangement.

Carney, a former Goldman Sachs banker, moved to London in 2013 to take up the governorship of the Bank of England. At the time, the central bank paid £100,000 to move Carney to London. He negotiated an allowance of £250,000 a year to cover living expenses in the capital.

The generous allowance helped balloon Carney's total pay package to over £880,000 by his final full year in the job, making him the most well paid governor in the Bank of England's history. Predecessor Sir Mervyn King took home just over £300,000 in his final year in the job.

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