Carney Relocation to London Cost More Than 100,000 Pounds

Mark Carney’s relocation to London from Canada to take the helm at the Bank of England last year cost the central bank more than 100,000 pounds ($170,000).

The amount spent was revealed in the central bank’s latest annual report, published today. It said it’s BOE policy to relocate those appointed to senior positions “and to incur the costs of doing so.”

Carney, who started as BOE governor on July 1 last year, was hired on a larger salary than his predecessor to lead an institution taking on enhanced powers to regulate banks. He is paid a basic annual salary of 480,000 pounds and a 250,000-pound annual housing allowance. Today’s report showed he is enrolled in a BOE pension plan with annual payments equivalent to about 30 percent of his salary, instead of receiving the money in lieu as was announced on his appointment.

Carney’s total remuneration was 586,010 pounds for the fiscal year 2014, the report showed.

The BOE report also said procurement decisions related to the relocation were made by central bank officials. The total forked out for the move was 102,816 pounds, while a 95,846-pound tax liability related to the costs was also borne by the BOE.

(Corrects in third paragraph to show Carney has enrolled in BOE pension.)
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