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New Bank of England Governor to get £250k housing allowance

Mark Carney, the incoming Governor of the Bank of England, will get a £250,000 accommodation allowance when he takes up the post in July of next year.

Mr Carney is relocating from Canada, where he is currently governor of the country's central bank.

The accommodation allowance, which will be subject to tax and social security contributions, is on top of his £480,000 salary, well above the £305,000 pay level of the current governor, Sir Mervyn King.

The Bank said the higher salary was to compensate for his not being able to join the closed pension scheme.

It said the cost of enrolling him in the scheme would have been more than 100% of his salary. Instead he is receiving a 30% cash allowance in lieu of pension.