Mervyn King, the Governor of the Bank of England, has turned down a pay rise of around £100,000 because he did not feel it was appropriate in the current economic climate.
Mr King rejected the near-40pc pay rise to £400,000 when he was reappointed as Bank of England Governor this summer, according to the Bank’s annual report.
Take note MPs, take note.
Pity, though, that he used the ponce-word “appropriate”.