Tag: Vince Cable

Vince Cable attacks excessive fat cat pay

Vince Cable attacks excessive fat cat pay

At his keynote speech to the Liberal Democrat conference, Business Secretary Vince Cable is today expected to say that shareholders should have more of a say when it comes to bonuses paid to executives. He is also expected to outline plans which will force firms to disclose their excessive pay packages. Mr Cable is expected [...]

Cable: economy needs quantitative easing boost

Cable: economy needs quantitative easing boost

The sluggish performance of the UK economy needs combating with another round of Quantitative Easing (QE), according to Business Secretary, Vince Cable. In an interview with The Financial Times, the minister identifies weak demand as a serious block to growth and urges the Bank of England to resume its QE programme, which was suspended early [...]

Vince Cable applies pressure to banks over lending commitments

Vince Cable applies pressure to banks over lending commitments

Speaking to the Treasury Select Committee today, Business Secretary Vince Cable has warned banks over lending, threatening higher taxes. The business secretary told MPs that the amount of lending to small and medium-sized enterprises (SMEs) was a “serious problem” and has reminded banks of their targets, set out in the Project Merlin agreement. Under the [...]

Vince Cable talks of tougher laws for strike action

Vince Cable talks of tougher laws for strike action

Business Secretary Vince Cable is to address delegates at the annual conference of the GMB union today and is expected to warn them that co-ordinated strike action may lead to tighter union laws. The warning comes after union leaders said strike action could take place at the end of this month as 750,000 teachers, civil [...]

Vince Cable: Economy in bad shape

Vince Cable: Economy in bad shape

Vince Cable has spoken of how bad the British economy has been hit after the global financial crisis. According to the Business Secretary, the crisis and the recession has meant the country is poorer and it has been a “challenge” for the Government to explain what a bad state the economy is in. Speaking to [...]

Banks to reveal bonus payouts and results

Banks to reveal bonus payouts and results

British banks are set to reveal their bonus payouts in the coming weeks, along with their results. Banking giant Barclays will be the first to reveal its results and 2010 bonus payout on Tuesday. There is still speculation that Barclays is reviewing its bonus structure. Chief executive, Bob Diamond, is understood to be considering paying [...]

Vince Cable threatens to quit coalition

Vince Cable threatens to quit coalition

Business Secretary Vince Cable has said he could quit the coalition if he is “pushed too far” in negotiations with the Conservatives. Mr Cable, who is the most senior Liberal Democrat member of the coalition after Deputy Prime Minister Nick Clegg, told undercover reporters from The Daily Telegraph the situation in the coalition was like [...]

Government to stand firm on bonuses

Government to stand firm on bonuses

As the bonus payment season draws near, Business Secretary Vince Cable has today warned banks that the Government will remain determined and not be “bullied”. Mr Cable added that the Coalition Government is in agreement on the subject of bonuses and said it will not be “bullied” by banks threatening to leave the UK as [...]

Chancellor Osborne has a change of heart re bankers‘ bonuses

Chancellor Osborne has a change of heart re bankers‘ bonuses

Chancellor George Osborne has had a rethink with regard to bankers’ bonuses, suggesting he may abandon the requirement for British banks to disclose the number of employees earning more than £1 million. The requirement for banks to disclose bonuses and salary payments over £1 million was brought in by former Chancellor Alistair Darling last year. [...]

Banks understood to be cutting bonus payments

Banks understood to be cutting bonus payments

A report by the BBC has revealed that Britain’s biggest banks are understood to be in talks about reducing the amount they receive in bonuses. Bonuses have been a major issue for some time now and have sparked public outrage since many argued that excessive bankers’ bonuses reward the risk-taking culture that led to the [...]

Government plans to simplify pension system

Government plans to simplify pension system

Business Secretary Vince Cable has today unveiled a proposed reform of Britain’s state pension system, with the introduction of one universal payment. This would replace the current system of earnings-related “top-up” payments, plus additional means-tested benefits. Costs relating to the proposed reform were not divulged but it is intended to reduce inequalities between men and [...]

Lloyds/HBOS merger could be scrapped

Lloyds/HBOS merger could be scrapped

According to the Daily Mail, the controversial takeover of HBOS by Lloyds could be scrapped if a Government investigation establishes it has damaged competition. The hasty takeover, which took place at the height of the financial crisis, created a banking giant but has been heavily criticised and has resulted in thousands of job losses because [...]

Government supports climate change with electric car investment

Government supports climate change with electric car investment

Earlier this month, Business Secretary Vince Cable warned that the UK’s car industry will not receive any further funding from the Government but said it would consider investing in measures which would reduce emissions from cars and to help transform the UK into a low carbon economy. As a result, the Government has today unveiled [...]

UK car sales up 10.8% in June

UK car sales up 10.8% in June

The Society of Motor Manufacturers and Traders (SMMT) has today announced UK car sales grew by 10.8% in June compared with the same month in 2009. The SMMT said the number of new cars sold in the month was 195,226 - representing the 12th consecutive monthly rise and exceeded expectations. However, the Society warns that [...]

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Government withdraws investment for UK car industry

Government withdraws investment for UK car industry

Business Secretary Vince Cable has warned that the UK’s car industry will not receive any further funding from the Government. Mr Cable was speaking at a conference in London organised by trade body, the Society of Motor Manufacturers and Traders (SMMT). However, he said the industry is “incredibly important to the UK economy” and insisted [...]

Plans to curb excessive bonus payments

Plans to curb excessive bonus payments

The excessive bonus culture, a subject which has dominated the news this year, rears its head again after Chancellor Alistair Darling has responded to calls for a new commission to restrict bonus payments. Bank bonuses, in particular, have sparked public anger and have been the subject of heavy criticism since it is banks that are [...]

Northern Rock staff receive 10% bonus

Northern Rock staff receive 10% bonus

Northern Rock, which was nationalised in February of last year, has paid almost all of its 4,500 employees a 10% bonus - an average of £2,000 each. The bonus fund, which amounts to £8.8 million, has sparked outrage among politicians with Lib-Dem Treasury spokesman Vince Cable, describing the action as extraordinary since millions of people [...]