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BOE Chief Bailey Forgoes Pay Rise After Urging Restraint

  • Andrew Bailey said the central bank’s staff to get 1.5% raise
  • Call for moderation jarred with a cost-of-living squeeze
Andrew Bailey
Andrew BaileyPhotographer: Simon Dawson/Bloomberg

Bank of England Governor Andrew Bailey said he won’t take a pay rise this year after asking high earners to help keep inflation in check by holding off on making aggressive demands.

The central bank chief, who receives total compensation well in excess of 500,000 pounds ($618,000), said he asked the court that sets executive pay at the BOE to hold his wage steady this year. Most staff will get 1.5% pay raises, well below the pace of consumer prices growth.