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BOE Staff Awarded Restrained 1.25% Pay Increase Last Year

  • Governor Bailey rejected 1% offer after calling for restraint
  • Bailey’s package totaled £597,592 for year to February 2022
A doorman at the Bank of England in London.
A doorman at the Bank of England in London.

Photographer: Chris Ratcliffe/Bloomberg

The Bank of England awarded staff a below-inflation 1.25% pay rise in 2021, its annual report shows. 

Governor Andrew Bailey and the deputy governors were offered 1%, which Bailey declined to accept. His deputies – Ben Broadbent, Jon Cunliffe, Dave Ramsden and Sam Woods – took the increase.