It seems the Governor of the Bank of England, Mervyn King has seen his pay increase quite substantially despite the economic downturn and the problems the UK banks have caused for the UK economy. King saw a 2.5% increase in his wages which now take him to three hundred and six thousand pounds a year.

It’s reported that Mervyn King has refused to accept anymore wage rises for the next two coming years and this was a personal decision not on too encourage other city bankers to take on. Saying that city pay is becoming more and more controversial day by day.