Downing Street Says » High Pay Commission

» Monday, August 17, 2009

High Pay Commission

Asked what the Government thought about the idea of a High Pay Commission, the PMS said that the Government had already taken steps on low pay and we believed that generally businesses and workers were best placed to determine the pay of employees. The Government had a role in preventing exploitation and excess, and where the pay system promoted the wrong sort of behaviour. We introduced the national minimum wage to prevent exploitation of the low-paid by employers, and as we had seen over the weekend, the Government was taking action to ensure, in regards to bonuses, that they were based on sustainable wealth creation, not short-termism.

Asked if there would be any specific legislation on bonuses, the PMS said that, as the Chancellor set out in his interview yesterday, we had a process underway with the Walker Report (due to report in the autumn), and we would look carefully at the conclusions of that report. The Chancellor also said that if we needed to change the law and toughen things up we could do so.

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