No deal on pay transparency

first_img THE government is unlikely to win concessions on pay transparency for banks but will instead secure a promise to increase lending to small and medium-sized businesses.Despite a campaign by some politicians, who have called for banks to reveal how many employees receive over £1m in pay, divisions among banks make it unlikely that an agreement will be reached. Banks with a high portion of their revenues drawn from abroad – including HSBC, Barclays and Standard Chartered – have argued that revealing how many employees receive over a certain threshold would cause less well-paid employees to demand pay rises, causing wage inflation. They say that such rules should only be implemented if they are global to ensure “a level playing field”.Instead, banks will commit to increase their lending to small businesses by some £10bn.However, a lack of cooperation on pay transparency is likely to stir divisions within the coalition government. The Liberal Democrats have championed transparency.Lib Dem Treasury spokesman Lord Oakeshott said yesterday: “We are not going to be blackmailed.” He added that “the bonus problem… is the number one item in our coalition agreement”.He also emphasised the difference between the Tories’ position and that of his party, saying: “David Cameron is a Conservative prime minister, but that doesn’t mean we’re not going to implement the coalition agreement.”Further action on bankers’ pay has been championed by business secretary Vince Cable, but he is keeping a low profile after making unguarded statements about Rupert Murdoch to undercover reporters in December. whatsapp More From Our Partners Police Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comKiller drone ‘hunted down a human target’ without being told tonypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comBill Gates reportedly hoped Jeffrey Epstein would help him win a Nobelnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.comConnecticut man dies after crashing Harley into live Show Comments ▼ KCS-content Share whatsapp Tags: NULL No deal on pay transparency Sunday 9 January 2011 11:05 pmlast_img

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