Executive Pay
Debate between Vince Cable and Gemma Doyle(12 years, 10 months ago)
Commons ChamberRead Full debate Read Hansard Text
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Vince Cable
I think they will help considerably. Many of the countries from which we attract inward investment have good corporate governance systems, in which there is considerable restraint on excessive pay, and reward for success rather than failure.
Gemma Doyle (West Dunbartonshire) (Lab/Co-op)
The Secretary of State will know that youth unemployment now stands at more than 1 million. Why will not the Government repeat the bankers’ bonus tax, which could create up to 100,000 jobs for young people?
Vince Cable
This argument has been rehearsed many times. The then Chancellor of the Exchequer, who introduced the bonus tax, made it clear that it was a one-off measure and that, if it were continued, banks would simply avoid it by converting bonuses into consolidated pay. It was a good idea at the time. It worked for a year, and we now have a much more effective and credible way of taxing banks.