Here’s a rare sighting of a public man behaving honourably.

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.

It is thought he did so fearing that an above-inflation pay increase might prompt workers to demand higher salaries.