Banking probe chair paid £60,000

The chair of a Government-commissioned inquiry into banking reform is being paid a £60,000 salary for a two-day week.

Sir John Vickers, a former Bank of England chief economist, became chair of the five-member Independent Commission on Banking (ICB) in June.

The ICB will investigate a number of potential reforms to Britain’s banking system, including whether banks’ retail and investment operations should be split.

It is due to publish its final report in September 2011.

In a Commons written reply to Labour’s Tom Watson, Treasury Economic Secretary Justine Greening said: “Sir John Vickers will be paid £60,000 per annum and work an average of two days a week.

“Other commission members will not be paid and work an average of one day a week on commission business.

“All commissioners will be reimbursed for such travel and subsistence expenses as they incur in pursuit of commission business, in accordance with HM Treasury’s expenses policy.”

Ms Greening said the inquiry was supported by a full-time team of 14 civil servants.