THE former Burnley schoolboy who rose to head Britain's biggest bank has received a £1.6 million pay-off.

Martin Taylor stunned the city last year when he stepped down from his £1 million-a-year job as Barclays chief executive.

Now the bank's annual report has revealed he received a £1.59 million payment in settlement for leaving the job. Mr Taylor, 46, was paid £967,000 last year including a £369,000 cash bonus. He will also keep shares and option worth around £3.2 million.

Last year the Lancashire Evening Telegraph revealed that Mr Taylor, whose parents live in Simonstone, still had the same bank account he opened with his pocket money at Barclays in Burnley. The former Sunnybank school pupil was brought up in Rossendale Road, Burnley, before moving to Padiham.

He won a scholarship to Eton before studing oriental languages at Oxford.

His first job was as a financial journalist with Reuters, later moving on to the Financial TImes.

He later joined the textile group Courtaulds, which used to be a major East Lancashire employer, and became chairman 11 years later.

Although Mr Taylor has lived in London for many years he still regularly returns home to see his family in East Lancashire.

His brother Richard is a solicitor in Burnley.

Mr Taylor was not available for comment today.

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