Home Business NewsPolitics Wrong direction! Cable meant to attack chief execs and not boyband over pay

Wrong direction! Cable meant to attack chief execs and not boyband over pay

by LLB Editor
16th Apr 13 10:35 am

Business secretary Vince Cable unveiled a 12p rise in the minimum wage at an event yesterday but things went in a wrong direction.

After his speech, Cable was asked whether he agreed that it was “mad” that boyband One Direction earned £5m each in the last year.

To this, Cable said “much of it is downright insensitive and grossly immoral”.

Embarrassingly, the business secretary had to later clarify that he misheard the question and was taking a potshot at the pay of chief executives and not the teen band.

“I don’t want to attack One Direction; this is one particular group who are apparently very popular and very successful so I have nothing against them,” Cable told Sky News.

“But there is a general issue of Chief Execs in particular who are paid well beyond what can be justified in terms of the performance of their companies and that’s something the Government is now trying to address.

“I’ve brought forward legislation in Parliament that will take effect in October where shareholders will have a much stronger grip of their companies, there will be binding votes and much more transparency.”

Oops.

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