Speaking yesterday to members of the Chartered Institute of Public Relations (CIPR), Simon Walker, Director General of the Institute of Directors, said,
“We all know what a battering the free market, and the principle of for-profit business has come in for in the last few years.
There have always been critics of capitalism, and there always will be, but the discontent has clearly spread well beyond the professional anti capitalists in their Occupy tent cities and into the wider population.
The article appeared after more than 500 workers at Barclay's and RBS were revealed recently to have earned more than £1m last year.
Five members of staff were paid more than £5m, Barclays explained, but this didn't include chief executive, Antony Jenkins, who received £2. 6m. RBS, total spend on top directors and 8 executives came to £21m.
the two banks have been hit by scandals, including attempts to rig the Libor rate and the mis-selling of payment protection. RBS remains 84%-owned through the taxpayer.
"At the weekend, reports were found that 521 employees at Barclay's and RBS earn over £1m a year,"
In March 2013, the European union reached a final agreement to help cap bank bonuses throughout the 27 members inside the trading bloc.
The UK, which provides Europe's largest financial companies centre at London, is in opposition to any caps on bank bonuses, but it is outvoted on the issue among the member states.
Under the agreement, bonuses will reach a cut off point at a year's salary, but it could be a bonus worth 200% of their pay if the companies share holders approve.
Why Money Will Make You Question Everything?
Once you start examining the use and flow of your own money you will start to question everything you have been taught.
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