Rebecca Long-Bailey MP, Labour’s Shadow Business Secretary, responding to the announcement of new executive pay transparency measures, said:
“Executive pay is running out of control. While the Conservatives’ watered-down regulations will only require large companies to publish pay bands, Labour in government will take decisive action on excessive pay.
“Labour is committed to rolling out maximum pay ratios of 20:1 in the public sector and in companies bidding for public contracts, because it cannot be right that wages at the top keep rising while everyone else’s stagnates.
“Labour will also legislate to reduce pay inequality by introducing an Excessive Pay Levy on companies with staff on very high pay. Positive action from Labour in comparison to a weak Tory fudge.”