Andrew Bridgen
Main Page: Andrew Bridgen (Independent - North West Leicestershire)(12 years, 3 months ago)
Commons ChamberRead Full debate Read Hansard Text
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Vince Cable
I remind Opposition Members that the semi-publicly owned banks, including RBS, are managed on an arm’s length basis under an arrangement devised by the previous Labour Government. This Government have made it clear that we expect restraint in bonuses in the banking system and in RBS in particular, and we will see what happens.
Andrew Bridgen (North West Leicestershire) (Con)
Will the Secretary of State confirm that proposals to tackle excessive pay are just part of the Government’s plans to reconnect the principles of risk-taking, success, hard work and rewards in both the private and the public sector?
Vince Cable
The hon. Gentleman is absolutely right, although we have of course already introduced principles governing remuneration in the public sector, including greater transparency, ratios and things of that kind. We are now extending those into the private sector where it is appropriate to do so, while recognising, as he implied, that in the private sector we need also to give incentives to entrepreneurship and good management.