Pat McFadden
Main Page: Pat McFadden (Labour - Wolverhampton South East)(12 years, 3 months ago)
Commons ChamberRead Full debate Read Hansard Text
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Vince Cable
Yes, my hon. Friend is correct. That is why one element of transparency that we have advocated is a breakdown of the different streams of payment by companies, which include payments to shareholders, payments to employees and other costs.
Mr Pat McFadden (Wolverhampton South East) (Lab)
Does the Secretary of State agree that context, as well as contracts, matters? Whatever it says in the contracts of the top people in the banks in which the Government have a major stake, the context is pay freezes for millions of workers and the biggest squeeze in living standards since the war. Will he therefore resist the temptation to rely on the defence advocated by the right hon. Member for Wokingham (Mr Redwood) about contracts and agree that there is nothing to stop bankers exercising restraint, given the economic context?