This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.bbc.co.uk/news/uk-26595093
The article has changed 2 times. There is an RSS feed of changes available.
Previous version
1
Next version
Version 0 | Version 1 |
---|---|
Vince Cable says 'no-one needs to earn £1m a year' | Vince Cable says 'no-one needs to earn £1m a year' |
(about 14 hours later) | |
Business Secretary Vince Cable has said he does not understand why people need to earn £1m per year. | Business Secretary Vince Cable has said he does not understand why people need to earn £1m per year. |
"I've asked one or two of the more sympathetic bankers to explain it to me," the Liberal Democrat said in an interview with the Observer magazine. | |
He said their response was "because others get it so I should, too". That was a "ludicrous mindset," he said. | |
The British Bankers Association said banking was "very successful" in the UK and bankers were paid a market rate. | |
'No fear' | 'No fear' |
In an interview for the magazine's This Much I know Feature, Mr Cable, 70, also reflected on how he thought the coalition government would be seen in future. | |
"I think history will judge the coalition far more favourably than our contemporaries have done," he said. | "I think history will judge the coalition far more favourably than our contemporaries have done," he said. |
"I don't fear for the future of the Liberal Party. In 20 years' time [the coalition] will be judged as a very necessary government." | "I don't fear for the future of the Liberal Party. In 20 years' time [the coalition] will be judged as a very necessary government." |
He said he considered himself a "radical", but added: "Though obviously since being in government I have become much more enslaved these days." | He said he considered himself a "radical", but added: "Though obviously since being in government I have become much more enslaved these days." |
Mr Cable, who became an MP aged 55, also said his late father would have been "over the moon" if he had known his son would end up in a government with the Conservatives. | Mr Cable, who became an MP aged 55, also said his late father would have been "over the moon" if he had known his son would end up in a government with the Conservatives. |
'Offensive' | 'Offensive' |
On millionaire bankers, he said: "I don't understand why people need a million quid a year. | On millionaire bankers, he said: "I don't understand why people need a million quid a year. |
"I've asked one or two of the more sympathetic bankers to explain it to me. | "I've asked one or two of the more sympathetic bankers to explain it to me. |
"The response has been: 'It's not that I need the money, it is because others get it so I should, too'. | |
"That is a ludicrous mindset. What on earth do these people think they are doing?" | |
It is not the first time the business secretary has criticised high bankers' bonuses, having previously described them as "offensive". | It is not the first time the business secretary has criticised high bankers' bonuses, having previously described them as "offensive". |
He said last month he thought the public would find it hard to understand how Royal Bank of Scotland could pay bonuses of £576m for staff when it had made an £8.2bn pre-tax loss for 2013. | |
A spokesman from the British Bankers Association said: "Bankers are paid a market rate which all banks have to pay. | |
"If the UK banks aren't paying that, then other countries will. | |
"Banking is very successful in this country and the taxes raise pay for things such as schools and hospitals." | |
He added that although it was important to recognise that mistakes had been made, it was important to not drive banks out of the country. |
Previous version
1
Next version