Governor of the Bank of England Andrew Bailey has revealed he will "politely decline" any pay rise this year if one is offered to him.
Mr Bailey, who has an annual pay package of around £575,000, including pension, caused controversy earlier this year for suggesting workers should not ask for big pay rises.
Appearing at the Commons Treasury Committee on Wednesday the Governor told MPs the central bank has not decided its latest pay changes for employees.
He indicated more support would be directed towards lower-paid staff, saying: "We've have not done our pay round yet.. but the mix of pay settlements will be different.
"We want to ensure that our lower-paid staff get a larger share of the pot that we are offering this year because I think that is the fair way to do it in the context of the situation we find ourselves in."
Pressed on his own wages, he added: "It's not for me to decide but if I was offered one I would not accept it. I would politely decline as I have done before."
His remarks came as the UK's inflation hit a staggering 11% in the 12 months to October - the highest level in 41 years due to soaring food and energy costs.
In September the Consumer Price Index's rate of inflation stood at 10.1% but shot up another percentage point in October, figures yesterday revealed.
The Governor also told MPs on Wednesday that former Prime Minister Liz Truss's disastrous mini-Budget had damaged Britain's reputation abroad.
Mr Bailey was in Washington DC alongside the ex-Chancellor Kwasi Kwarteng last month at the International Monetary Fund when the plans unravelled.
Just days later Ms Truss had announced her decision to resign No10 - making her the shortest-serving Prime Minister after just 49 days in office.
"We have damaged our reputation internationally because of what happened," Mr Bailey said while speaking to the Treasury Committee.
"I was in Washington... at the IMF annual meetings, which is one of the biggest events of the year internationally.
"People were saying 'we didn't think the UK would do this'."
He added: "It will take longer to rebuild that reputation than it will be to correct the gilt curve, so we have to tread carefully."
