David Winnick
Main Page: David Winnick (Labour - Walsall North)(12 years, 3 months ago)
Commons ChamberRead Full debate Read Hansard Text
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Vince Cable
Yes, the theme of what I have been saying today has been the link between pay and performance, and as my hon. Friend knows, there are specific problems in the banking sector, not least because until the Vickers report is implemented we still have a “too big to fail” problem and an implicit Government guarantee. That is why rather stricter provisions have to apply in the sector.
Mr David Winnick (Walsall North) (Lab)
Does the Secretary of State really want us to believe that those who get vast salaries, bonuses and share options and probably earn well over £1 million a year are now terrified as a result of what he has said today? The truth is, that it does not really amount to much, does it?
Vince Cable
I do not expect them to be terrified, but I do expect them to think a little more carefully about their wider responsibilities.