• Privacy policy
  • T&C’s
  • About Us
    • FAQ
  • Contact us
  • Guest Content
  • TLE
  • News
  • Politics
  • Opinion
    • Elevenses
  • Business
  • Food
  • Travel
  • Property
  • JOBS
  • All
    • All Entertainment
    • Film
    • Sport
    • Tech/Auto
    • Lifestyle
    • Lottery Results
      • Lotto
      • Set For Life
      • Thunderball
      • EuroMillions
No Result
View All Result
The London Economic
SUPPORT THE LONDON ECONOMIC
NEWSLETTER
The London Economic
No Result
View All Result
Home News

As workers walk out on strike, Tory Govt plans to tear up restrictions on bankers’ pay

The prime minister's chief of staff has written to Rishi Sunak demanding changes to restrictions on bosses' pay.

Jack Peat by Jack Peat
2022-06-21 08:19
in News
FacebookTwitterLinkedinEmailWhatsapp

The government is planning to rip up restrictions on City bosses’ pay in order to attract more firms to the UK, the i has reported.

As rail workers walk out on strike over pay disputes, the Tory administration is looking to rip up rules brought in following the financial crash in order to make fat cat bosses better off.

Thousands of members of the Rail, Maritime and Transport (RMT) union at Network Rail and 13 train operators will walk out on Tuesday, Thursday and Saturday.

They could be joined by nurses and teachers, who are also calling for fairer pay packages, and barristers, who have already pledged to walk out over renumeration.

“Deregulatory measures”

According to i reports, Steve Barclay, the prime minister’s chief of staff, wrote to chancellor Rishi Sunak with a plan for “deregulatory measures to reduce the overall burden on business”.

One key plank of the plan included “removing restrictions on director (and specifically NED [non-executive director]) remuneration as suggested by the London Stock Exchange Group to improve London’s attractiveness for listings”.

A copy of the confidential letter from Cabinet Office minister Barclay to the chancellor reads: “I trust you’ll agree this is a more proportionate regulatory response and reflective of the new approach to regulation outlined in the ‘Benefits of Brexit’ publication in January.”

The letter made clear it was “setting out the terms” for wider reform and includes explicit references to the need to change curbs on bosses’ pay.

Financial crisis

Current rules on corporate pay stem from the UK’s previous membership of the European Union, many of which were imposed after the 2008 financial crisis.

RelatedPosts

Gary Lineker says BBC should ‘hold its head in shame’ for not airing Gaza documentary

Donald Trump announces he plans to host UFC fight at the White House

BBC to stop showing ‘high risk’ performances after Bob Vylan Glastonbury controversy

Keir Starmer confirms Rachel Reeves will be Chancellor ‘for a very long time to come’

They include a cap on bonus pay, set at no more than 100 per cent of fixed pay or double that with explicit shareholder approval.

The rules also include “clawback” arrangements in case a firm finds reason to recall any salary, and the power of shareholders to know the details of and approve directors’ pay packages.

A “Benefit of Brexit”, apparently— increasing inequality by making the rich richer…

…the polar opposite of “levelling up”. pic.twitter.com/lThEiA3Wtq

— Mike Galsworthy (@mikegalsworthy) June 20, 2022

Related: Outrage as Sir Keir Starmer tells Labour frontbenchers to stay away from picket lines

Subscribe to our Newsletter

View our  Privacy Policy and Terms & Conditions

About Us

TheLondonEconomic.com – Open, accessible and accountable news, sport, culture and lifestyle.

Read more

SUPPORT

We do not charge or put articles behind a paywall. If you can, please show your appreciation for our free content by donating whatever you think is fair to help keep TLE growing and support real, independent, investigative journalism.

DONATE & SUPPORT

Contact

Editorial enquiries, please contact: [email protected]

Commercial enquiries, please contact: [email protected]

Address

The London Economic Newspaper Limited t/a TLE
Company number 09221879
International House,
24 Holborn Viaduct,
London EC1A 2BN,
United Kingdom

© The London Economic Newspaper Limited t/a TLE thelondoneconomic.com - All Rights Reserved. Privacy

No Result
View All Result
  • Home
  • News
  • Politics
  • Lottery Results
    • Lotto
    • Set For Life
    • Thunderball
    • EuroMillions
  • Business
  • Sport
  • Entertainment
  • Lifestyle
  • Food
  • Travel
  • JOBS
  • More…
    • Elevenses
    • Opinion
    • Property
    • Tech & Auto
  • About Us
    • Privacy policy
  • Contact us

© The London Economic Newspaper Limited t/a TLE thelondoneconomic.com - All Rights Reserved. Privacy

← Watch: RMT boss repeatedly calls Tory minister a liar during Newsnight clash ← Shoppers’ annual grocery bills ‘to rise by £380’
No Result
View All Result
  • Home
  • News
  • Politics
  • Lottery Results
    • Lotto
    • Set For Life
    • Thunderball
    • EuroMillions
  • Business
  • Sport
  • Entertainment
  • Lifestyle
  • Food
  • Travel
  • JOBS
  • More…
    • Elevenses
    • Opinion
    • Property
    • Tech & Auto
  • About Us
    • Privacy policy
  • Contact us

© The London Economic Newspaper Limited t/a TLE thelondoneconomic.com - All Rights Reserved. Privacy

-->