OFT's new boss on big pay cut

The Office of Fair Trading's new boss will take up the reins of the trading watchdog on less than half the salary of his predecessor, it emerged yesterday.

New chief executive Clive Maxwell will earn £135,300, well below former boss John Fingleton's £275,000 pay. The OFT is being merged with the Competition Commission to form a new independent body, the Competition and Markets Authority, by April 2014.

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