Cable takes action

Speaking at the Liberal Democrat conference in Birmingham, the business secretary Vince Cable yesterday signalled his opposition against executive pay rises, saying they were 'not right.'

While denying that he was bashing the wealthy, he warned that the public would not tolerate a small minority receiving large rewards at a time when the rest of the country is in dire straights.

'What has happened in the last decade is executive pay has risen massively at a time when ordinary share prices for the owners of companies, they haven't risen at all and basic salaries haven't risen,' he said on Sky News.

'So something is not right here, there are rewards for failure and that is what we have to deal with.'

He went on to indicate his support for measures to give shareholders more control over the amount executives get paid.

'People do understand that the country has been through a terrible crisis, we have got continuing problems, there is a squeeze on living standards,' he said.

'People will, I think, accept that and they will accept the disciplines providing everybody is sharing in it and we don't have a culture where a small minority are getting enormous rewards, particularly if they are failing.'

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