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Union describes Royal Mail privatisation as 'botched'

The Communication Workers Union, which held its annual conference in Bournemouth this week, repeated its call for Vince Cable to resign, describing the privatisation as "botched."

Business Secretary Vince Cable is being recalled to the business select committee. Credit: Lewis Whyld/PA Wire

Business secretary Vince Cable, who visits the Business Select Committee on Tuesday to give further evidence on the Royal Mail sell-off, has continued to receive criticism over selling shares too cheaply.

Labour: Government has 'caved in' on bosses' pay

Chuka Umunna
Chuka Umunna says the government has 'caved in' on executive pay. Credit: Stefan Rousseau/PA Wire

Companies should be forced to reveal how much their top earners receive in relation to average employees, Labour has said.

After Vince Cable wrote to companies Shadow Business Secretary Chuka Umunna said the government had "caved in" by failing to introduce promised shareholder votes on executive remuneration.

“We need more transparency, accountability and fairness in how executive pay is set," he said.

"An important step in this direction would be for firms to publish the ratio of the pay of top earners compared to average employees as well as putting employee representatives on remuneration committees.”


Vince Cable urges caution on executive pay

Business Secretary Vince Cable has urged Britain's leading companies to show restraint over executive pay and slash bonuses to restore public trust.

Business Secretary Vince Cable. Credit: Press Association

In a stern letter to the UK's top 100 listed businesses he warned that persisting with excessive pay deals would be a "dereliction of duty" and could cause long-term damage to companies.

With the public gaze continuing to fall on exorbitant pay, Mr Cable issued a stark warning that new legislation could follow unless such deals were curbed.

His pleas come as the season of annual general meetings of leading companies gets under way, with Barclays' being held tomorrow.

Cable calls to 'tighten-up regime of rogue directors'

Business Secretary Vince Cable has called to "tighten-up the regime" of "rogue" directors, under new proposal to disqualify those convicted with overseas offences.

Speaking to ITV News, Mr Cable said: "There are some nasty scams out there, we've had them around wine shops and land banks... a lot of people have been cheated out of a lot of money".

Cable: 'Rogue' directors can cause huge amount of harm

Government proposals to implement more restrictions and punishments for so-called "dodgy directors" will protect Britain's economy, Business Secretary Vince Cable has said. He added:

The vast majority of directors in this country run their businesses in the right way. But some people have suffered unnecessary losses as a result of rogue behaviour.

Rogue directors can cause a huge amount of harm in terms of large financial losses, unnecessary redundancies and lifelong investments going down the drain. It is only right that we should put the toughest possible sanctions in place, make sure we stamp out unfair practices and deter those who are looking to act dishonestly.

Read: Government to crackdown on 'dodgy directors'

Government to crackdown on 'dodgy directors'

The Government is set to bring forward proposals aiming to implement more restrictions and punishments for so-called "dodgy directors".

Directors convicted of a commercial offence overseas would be banned from running British companies under the plans, Business Secretary Vince Cable said.

Vince Cable said the proposed changes would "protect the British economy" Credit: PA

The Department for Business, Innovation and Skills (Bis) said courts could also be asked by the Government to award compensation against a disqualified director, although the court would have the final say.

It is understood the measures are expected to be brought forward as part of the Government's legislative programme for the next session of Parliament, which will be outlined in the Queen's Speech on June 4.


Cable: Allegations of Cyril Smith cover up 'very serious'

File photo dated 01/05/91 of the late Sir Cyril Smith. Credit: John Giles/PA Wire

Business Secretary Vince Cable has spoken about the "horrific" allegations that the late MP Sir Cyril Smith sexually and physically abused young boys in the 1960s, saying that the suggestion of an establishment cover up was "very serious".

Speaking as one of the guests on The Agenda with Tom Bradby on ITV tonight, Mr Cable said:

“It is horrific, it is really horrible. Let’s remember this was a very long time ago. We’re talking 40-50 years ago. This is the Saville era. I mean I was actually a member of the labour party when all of this happened. I’ve no personal recollection of it.”

More: Young boys 'were victims of abuse' by Sir Cyril Smith

When questioned on whether the case was an establishment cover up, Cable commented:

“That’s the suggestion, I mean these are allegations. They are very serious. This is criminal paedophilia on a very large scale. It’s absolutely awful.”

The Agenda with Tom Bradby is on ITV tonight at 10:35pm.

Get involved in the debate during the show using the hashtag #theagenda and following @agendaitv.

Vince Cable to appear on The Agenda tonight

Business Secretary Vince Cable will appear on The Agenda tonight. Credit: Danny Lawson/PA Wire/Press Association Images

Vince Cable, the Secretary of State for Business, Innovation and Skills, will join ITV News Political Editor Tom Bradby on The Agenda tonight.

Also on the panel will be the children's author Michael Morpurgo, the novelist and columnist Allison Pearson and the actress and writer Emma Kennedy.

They will be discussing bad behaviour in schools, the housing crisis and ageism.

The Agenda with Tom Bradby is on ITV tonight at 10:35pm.

Get involved in the debate during the show using the hashtag #theagenda and following @agendaitv.

Vince Cable to face further Royal Mail grilling

Business Secretary Vince Cable is being recalled to the business select committee on April 29 to give further evidence over the privatisation of the Royal Mail, it was announced today.

Business Secretary Vince Cable to face further scrutiny over the privatisation of Royal Mail Credit: PA

Read: Cable: No apology over handling of Royal Mail sale

Read: Cable criticised as Royal Mail's owners revealed

Cable: Home ownership 'unaffordable' for families

Home ownership is becoming "unaffordable" for middle income families, the Business Secretary has warned.

Cable: Home ownership 'unaffordable' for families.
Cable: Home ownership 'unaffordable' for families. Credit: Yui Mok/PA Wire

In an interview with The Independent, Vince Cable said there were still not enough homes being built to satisfy the demand of people wanting to buy a place of their own.

"The fundamental problem is a chronic imbalance between supply and demand. A recovering mortgage market is just fuelling demand again," he said.

"A family on average income is nowhere near able to afford a house at the average price. Property has become much more unaffordable for people on middle incomes."

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