§ Mr. Adam Butlerasked the Chancellor of the Exchequer what is the current salary of the President of the International Monetary Fund; what element of this is tax-free; and what a person would need to earn in Great Britain, before tax, to give him an equivalent income.
§ Mr. NottThe salary of the Managing Director of the International Monetary Fund, as set out in the byelaws of the Fund, is 50,000 dollars per annum. The whole amount is tax-free. The amount a person in the United Kingdom would need to earn to give him the sterling equivalent of this salary, if liable to tax, would depend on the recipient's individual circumstances. At an exchange rate of £1 equals 2.57 dollars, the sterling equivalent would be £19,455. For a married man, taking account only of the personal allowance, the gross figure would be £57,895.