Bank boss Mark Carney will get £874,000 a year: is he worth it?

Dec 20, 2012

Another £250,000 in his BoE pay package makes reluctant Canuck world's best paid central banker

THE NEWS that the incoming Bank of England Governor Mark Carney is to receive a £250,000-a-year housing allowance on top of his £624,000 pay and pension package raises the question: is he worth it?

Canadian Carney will not only be the Bank of England's first foreign governor – he'll be the highest-paid central banker in the world. (The one-off cost of moving Carney and his family to London from Ottowa has yet to be finalised and will also be covered by the taxpayer.)

Larry Elliott, economics editor at The Guardian, says: "In a period when the Treasury is insisting on job cuts and stringent pay restraint in the public sector it looks excessively generous."

Chancellor George Osborne showed a "mountie-like tenacity" to get his man, says Elliott, and "clearly thinks he has bagged the hottest property in central banking rather than an expensive foreign mercenary".

But persuading the reluctant Canadian to leave Ottawa has meant "spraying around taxpayers' money... Carney had better be as good as Osborne thinks he is."

On Twitter, Labour MP Karen Buck writes: "I don't actually MIND Mark Carney getting £250,000 housing allowance. I DO mind families being found intentionally homeless for owing £3,000."

Gibson335 believes it is "utter lunacy and the worse for the fact that Little Osborne has tried to hide some of the package - next headline will no doubt be about his 3250k food allowance."

Alexandra Jane was more sympathetic to the requirements of the reluctant Canuck. "He needs good accommodation and a good salary. If he is up to the job, which he surely is, then it is worth every penny. That is the real world."

Alan Craigie, responding to the Daily Mail report about Carney's housing allowance, also believes the Canadian is value for money: "Let's get real. He's getting a pittance of what he could earn in the private sector. If he can stabilise the pound so we don't end up paying £10 for a loaf in 10 years we should all thank him."

Also writing on the Mail's messageboard, SM Bains had a constructive idea. "Surely it makes more sense for the Bank to buy a house in central London and make it the Governor's official residence. It would be cost-effective within 10-15 years or the BoE could sell it at the end of Carney's term and probably make a profit."

Is it too late to give the job to SM Bains?

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Given Gidiot's record so far, I wouldn't trust him to run a whelk stall unless he was properly supervised. As for spraying our cash around like there was no tomorrow, while still trying to blame Labour for his own incompetence, well, yes, I do resent it.

Surely he can't get everything wrong?.....oh.

One normally gets what one pays for.

As for the Guardian comments, well that rag is free online these days, so you pay nothing and get nothing from many of their so-called journalists looking to get daft headlines and hits on their web pages.