Future BoE governor Mark Carney defends pay package
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The future governor of the Bank of England (BoE), Mark Carney, has been forced to defend his pay arrangements to members of the House of Commons' Treasury Committee.
Mr Carney, who is currently the governor of the Bank of Canada, will be paid a total of more than £800,000 a year.
That is despite a recent pay freeze introduced for BoE staff.
He is due to take over from the current governor Sir Mervyn King in July.
Mr Carney's remuneration includes a salary of £480,000, plus an annual pension allowance of £144,000 and a housing allowance of £250,000.
Speaking in front of the committee, he defended the housing allowance, arguing that such arrangements were "common" for executives moving to London, which he characterised as "one of the most expensive capital cities in the world".
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