Cable targets high earners... why?
Discussion
VINCE Cable is considering plans to publish the names of anyone earning over £200,000 at a publicly listed company.
The Liberal Democrats have already unveiled similar proposals for those working in the banking industry, but in an exclusive interview with City A.M. Cable said there was an argument for applying such a regime “across the board”.
Referring to a policy that would force banks to issue a public list of all staff earning over £200,000, the Lib Dem Treasury spokesman said he wanted to make “sure that all high remuneration packages are fully and openly declared”.
When asked if he would extend the policy to publicly quoted companies in all industries, he replied: “There is an argument for applying it across the board.”
“I think transparency is an important thing in itself. Clearly where you have PLCs, shareholders would start raising it at annual meetings. Maybe at the end of the day people get well paid, but why hide it? We don’t hide it for directors,” he added.
He conceded that the proposal “causes some discomfort” but said it was “scarcely threatening”, and dismissed suggestions that it could lead to an exodus of top-drawer banking talent.
“Every time I go to a hedge fund dinner, I get this sort of blood-curdling stuff: ‘We’re all going to leave next week’. But there is not a shred of evidence to suggest that British financiers are net migrating to Switzerland.”
Today’s YouGov poll for the Sun put the Tories on 35 per cent, with the Lib Dems and Labour neck and neck on 28 per cent. If repeated on 6 May there would be a hung parliament, meaning there is every possibility that Cable gets a job at the Treasury along with the chance to lobby for a tough disclosure regime.
Angela Knight, chief executive of the British Bankers’ Association, said the plans were “more about personal witch hunts than transparency”.
She added: “Of course it’s possible to publish names, but what does it achieve? People in the industry are feeling pilloried and demonised. I appreciate there’s an election on, but politicians should beware of making these kinds of statements.”
Knight also warned that the £200,000 threshold would eventually be lowered if such a regime does come into force. “It’s a slippery slope. What tends to happen is if you set a number it gets eroded over time”.
In a wide ranging interview on his plans for the City ahead of the general election on Thursday, Cable also called for a competition probe into Magic Circle law firms and the “big four” accountancy giants.
He said: “You have a kind of magic circle based on reputation. I’m not alleging anything improper, but you’re getting effectively monopoly rates. I think it is a competition policy issue. How easy it is to open up the market I don’t know.
“There is a second tier of the BDO Stoy Haywards who are desperate to get into this stuff. Why they’re impeded, I don’t know. But I have asked the OFT to look at this, and they have agreed."
Nice.... what does it prove though?
The Liberal Democrats have already unveiled similar proposals for those working in the banking industry, but in an exclusive interview with City A.M. Cable said there was an argument for applying such a regime “across the board”.
Referring to a policy that would force banks to issue a public list of all staff earning over £200,000, the Lib Dem Treasury spokesman said he wanted to make “sure that all high remuneration packages are fully and openly declared”.
When asked if he would extend the policy to publicly quoted companies in all industries, he replied: “There is an argument for applying it across the board.”
“I think transparency is an important thing in itself. Clearly where you have PLCs, shareholders would start raising it at annual meetings. Maybe at the end of the day people get well paid, but why hide it? We don’t hide it for directors,” he added.
He conceded that the proposal “causes some discomfort” but said it was “scarcely threatening”, and dismissed suggestions that it could lead to an exodus of top-drawer banking talent.
“Every time I go to a hedge fund dinner, I get this sort of blood-curdling stuff: ‘We’re all going to leave next week’. But there is not a shred of evidence to suggest that British financiers are net migrating to Switzerland.”
Today’s YouGov poll for the Sun put the Tories on 35 per cent, with the Lib Dems and Labour neck and neck on 28 per cent. If repeated on 6 May there would be a hung parliament, meaning there is every possibility that Cable gets a job at the Treasury along with the chance to lobby for a tough disclosure regime.
Angela Knight, chief executive of the British Bankers’ Association, said the plans were “more about personal witch hunts than transparency”.
She added: “Of course it’s possible to publish names, but what does it achieve? People in the industry are feeling pilloried and demonised. I appreciate there’s an election on, but politicians should beware of making these kinds of statements.”
Knight also warned that the £200,000 threshold would eventually be lowered if such a regime does come into force. “It’s a slippery slope. What tends to happen is if you set a number it gets eroded over time”.
In a wide ranging interview on his plans for the City ahead of the general election on Thursday, Cable also called for a competition probe into Magic Circle law firms and the “big four” accountancy giants.
He said: “You have a kind of magic circle based on reputation. I’m not alleging anything improper, but you’re getting effectively monopoly rates. I think it is a competition policy issue. How easy it is to open up the market I don’t know.
“There is a second tier of the BDO Stoy Haywards who are desperate to get into this stuff. Why they’re impeded, I don’t know. But I have asked the OFT to look at this, and they have agreed."
Nice.... what does it prove though?
Logically speaking it makes no sense, but if you think about how many people earn above 200k and how many don't, then something like this will appeal to far many more voters than would be against it. Given the hysteria around how much bankers earn, i'm sure it will go down well with a lot of the population.
ln1234 said:
Logically speaking it makes no sense, but if you think about how many people earn above 200k and how many don't, then something like this will appeal to far many more voters than would be against it. Given the hysteria around how much bankers earn, i'm sure it will go down well with a lot of the population.
I'm confused why there isn't similar hysteria about how much some sportspeople or musicians earn. Could it be that the media feel massive "celebrity" earnings are socially acceptable but bankers earnings are not? Heaven forbid the public could THINK for themselves...We really do get the government we (as a society) deserve.
ln1234 said:
Logically speaking it makes no sense, but if you think about how many people earn above 200k and how many don't, then something like this will appeal to far many more voters than would be against it. Given the hysteria around how much bankers earn, i'm sure it will go down well with a lot of the population.
Is it just me or does it set you a goal that you will now try and get into this list?Its like a challenge, though it would be difficult to fob the missus off anymore by saying you are only on £50k if you name appears on the list and she sees it...
Dupont666 said:
VINCE Cable is considering plans to publish the names of anyone earning over £200,000 at a publicly listed company.
When asked if he would extend the policy to publicly quoted companies in all industries, he replied: “There is an argument for applying it across the board.”
What's the difference? If people want to hold shares in a plc, it's their choice. It's sod all to do with Vince. When asked if he would extend the policy to publicly quoted companies in all industries, he replied: “There is an argument for applying it across the board.”
It's odd that he would put us in a situation where sex offenders can't be listed, yet high earners can.
Dupont666 said:
“I think transparency is an important thing in itself. Clearly where you have PLCs, shareholders would start raising it at annual meetings."
Shareholders aren't on a Holier than Thou moral crusade Vince.
I can't believe people still think this guy should be Chancellor.
The problem with the current crop of social undemocrats is that they are thick on ideology and thin on practical economics.
It's a red herring. "Rather then kick us in the face, it's them who are your enemy".
Troughing, envious commie scum. The snag is the majority of the population are shortsighted selfish idiots and are easily led by their emotions. Grrrr
It's a red herring. "Rather then kick us in the face, it's them who are your enemy".
Troughing, envious commie scum. The snag is the majority of the population are shortsighted selfish idiots and are easily led by their emotions. Grrrr
Dupont666 said:
ln1234 said:
Logically speaking it makes no sense, but if you think about how many people earn above 200k and how many don't, then something like this will appeal to far many more voters than would be against it. Given the hysteria around how much bankers earn, i'm sure it will go down well with a lot of the population.
Is it just me or does it set you a goal that you will now try and get into this list?Its like a challenge, though it would be difficult to fob the missus off anymore by saying you are only on £50k if you name appears on the list and she sees it...
ln1234 said:
Dupont666 said:
ln1234 said:
Logically speaking it makes no sense, but if you think about how many people earn above 200k and how many don't, then something like this will appeal to far many more voters than would be against it. Given the hysteria around how much bankers earn, i'm sure it will go down well with a lot of the population.
Is it just me or does it set you a goal that you will now try and get into this list?Its like a challenge, though it would be difficult to fob the missus off anymore by saying you are only on £50k if you name appears on the list and she sees it...
ewenm said:
I'm confused why there isn't similar hysteria about how much some sportspeople or musicians earn. Could it be that the media feel massive "celebrity" earnings are socially acceptable but bankers earnings are not?
Because people acknowledge that they might not have the talent to play football at a professional level, or play in a band well. However being a banker is easy, and anyone can do it well, right? After all, all you have to do is sit there and gamble with other people's money - doesn't need qualifications and any man in the street could do it. So people think: why are they being paid 6 figures to do something anyone could do?Edited by DXB on Tuesday 4th May 11:45
DXB said:
ewenm said:
I'm confused why there isn't similar hysteria about how much some sportspeople or musicians earn. Could it be that the media feel massive "celebrity" earnings are socially acceptable but bankers earnings are not?
Because people acknowledge that they might not have the talent to play football at a professional level, or play in a band well. However being a banker is easy, and anyone can do it well, right? After all, all you have to do is sit there and gamble with other people's money - doesn't need qualifications and any man in the street could do it. So people think why are they being paid 6 figures to do something anyone could do?Consequently the finacial services industry in the UK will eat itself and it's already started
dvs_dave said:
Although you don't need to have some mystical power or incredible intellect over any other highly skilled profession do you? It's massivley arrogant to allude that you do and a contributory factor as to why there is a lot of ill feeling toward the banking industry at the moment.
Consequently the finacial services industry in the UK will eat itself and it's already started
If it was so easy, all the people whining would be doing it. Is "ill feeling" the same thing as jealousy?Consequently the finacial services industry in the UK will eat itself and it's already started
the_smalls said:
It's fair, apparently.
Not in the politician's mind - apparently fairness is where high earners pay not just a large amount of tax, but a greater percentage too. For the majority of the electorate this is wonderful news as someone else will pay their way, and many will even enjoy the fact the rich are being 'fairly' punished. 
The problem is that many of those who fall into this 'rich person' threshold aren't rich at all - just higher than average earners who have typically taken a risk in life and/or are employers. Future generations will look at salaries and question why they should work twice as hard only to receive a similar salary...
dvs_dave said:
Although you don't need to have some mystical power or incredible intellect over any other highly skilled profession do you? It's massivley arrogant to allude that you do and a contributory factor as to why there is a lot of ill feeling toward the banking industry at the moment.
I'm not a banker (not even close) so I don't know why you think I'm arrogant? I'm merely pointing out that you need particular skills to be a banker, just like you need particular skills to play professional sports. The difference is that most people realise they don't have the skills to be a footballer but they think that either you don't need (many) skills to be a banker or think that they do have the skills. I don't really have much knowledge of the industry but I don't think it's as easy a job as many people seem to think it is.
kING BUSINESS WHAT I EARN.Why?
Because why should someone who has worked hard all of their life earn more than someone who has let 12 kids slip out of her crack and live on T' benefit system ?
I have never lived in a country that has penalised hard workers and those with brains more than the UK. Unfortunately anyone with an IQ is seen as a threat rather than an asset
Because why should someone who has worked hard all of their life earn more than someone who has let 12 kids slip out of her crack and live on T' benefit system ?
I have never lived in a country that has penalised hard workers and those with brains more than the UK. Unfortunately anyone with an IQ is seen as a threat rather than an asset
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