Topical Questions

Part of Oral Answers to Questions — Treasury – in the House of Commons at 12:00 am on 19th April 2016.

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Photo of John Martin McDonnell John Martin McDonnell Shadow Chancellor of the Exchequer 12:00 am, 19th April 2016

It is not just on tax that people are concerned about the behaviour of the super-rich and its impact on the economy. I hope that the Chancellor will join me in welcoming the action taken by shareholders at BP’s annual general meeting against the excessive pay awards recommended by the company’s remuneration committee. The chief executive’s pay in FTSE 100 companies has risen from 50 times the average employee’s in the 1990s to 150 times today. Will he support measures to tackle the remuneration racket? To many, an old boys’ network appears to operate to set each other’s pay. In particular, will he support the widening of shareholder representation and employee representation on remuneration committees?