high pay

It was an interesting decision by Ed Miliband not to ask David Cameron about Fred Goodwin’s knighthood today, especially when he could have pushed the PM into the uncomfortable position of calling for other bankers to lose their titles. That possibly reflects a growing sense of unease, as voiced by Alistair Darling this morning, that one individual may have been unfairly singled out in a politically-motivated attack.

Instead, the Labour leader developed his theme of unfairness at the top of society, calling on the prime minister to implement the suggestions of the Walker review and ensure that banks have to disclose how many people they employ who earn over £1m a year.

The legislation to make this possible was passed under the last Labour government and with cross-party support, Miliband pointed out, why wouldn’t the PM enact it? Read more

Vince Cable will not be outflanked by George Osborne. Osborne said on Tuesday that banks needed to show restraint when paying bonuses – an unusually anti-City message for a Tory chancellor.

But Cable today has gone one further, urging investors not to focus only on banks, but to make sure that no big company allows its executives to be paid too much. We will have more on this in tomorrow’s FT, but here is the letter he has sent to top investors and FTSE100 chairmen: Read more

Most of the media attention on Monday – at the publication of the British Social Attitudes Survey – was on a hardening of sentiment towards benefits, as the FT reported yesterday. The British public are less keen on generous social security payments than at any time in the last three decades.

But as Left Foot Forward points out, the survey does not show an overwhelming drift to the right in all respects. When it comes to pay differentials the public believe that top directors and public sector officials are paid too much. Read more