To ask the Chancellor of the Exchequer what the total annual remuneration of (a) the President of the World Bank and (b) the Managing Director of the International Monetary Fund was as at July 2006. (98575)

The total annual remuneration of both the president of the World Bank and the managing director of the International Monetary Fund was $461,510 (£243,215¹) as of 1 July 2005.

Consistent with established practice, in June 2006 an increase to the remuneration was proposed in line with movement in the Washington metropolitan area consumer price index (May 2005 to May 2006). This would mean an increase of 4.2 per cent. with effect from 1 July 2006 to around $480,890 (£253,429¹).

¹ Dollar-Sterling spot market rate at close 27 October 2006