PM in attack on City pay

DAVID Cameron has kicked off the new year with another attack on high-earners, promising “bold” action to “tackle excess in the City”.

In a message focused on how Britain can become “stronger”, the Prime Minister suggested that highly paid executives are as much of a blight on society as those languishing on taxpayer-funded benefits.

“While a few at the top get rewards that seem to have nothing to do with the risks they take or the effort they put in, many others are stuck on benefits,” he said. “So we will tackle excess in the City just as we’re reforming welfare.”

But he did not outline any specific measures to go beyond those outlined by the Treasury and department for business in a consultation on bankers’ bonuses opened in early December.

Despite the fiery rhetoric, the paper was not as draconian as some had feared. It suggested publishing the pay of the five most highly paid non-board executives and strengthening shareholder votes on remuneration. Proposals are expected in the first quarter of this year.