Business briefs: Pay freeze at the Bank of England | GSK agree to £1.9bn payout | Derek McKay named as new Swip finance chief

Published on 03/07/2012 00:00

SIR Mervyn King, governor of the Bank of England, and his two deputies both took a pay freeze in the year to 29 February along with the rest of the central bank’s staff, the annual report confirmed yesterday.

King’s basic salary of £305,368 contributed to total remuneration of £307,792, down from £308,252, as there were some adjustments to benefits received in the period. Deputy governors Charlie Bean and Paul Tucker’s salaries were frozen at £258,809.

GSK agrees to £1.9bn payout

GlaxoSmithKline has agreed to plead guilty to criminal charges and pay $3 billion (£1.9bn) to settle the largest case of healthcare fraud in US history.

The criminal and civil fines are in connection with the sale of the drug company’s Avandia, Paxil and Wellbutrin products.

The UK firm also agreed to strict oversight of its sales force by the US government.

Swip names new finance chief

Scottish Widows Investment Partnership has appointed Derek McKay as head of finance.

McKay, who has been with Lloyds Banking Group for 15 years, will be based in Edinburgh and report to operations director Tony Owens. He was previously head of management reporting and planning for the group’s insurance division, with specific responsibility for the UK life, pensions and investment business.