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22/09/2010
Lib Dem Conference Calm Concerns
On the final day of the Liberal Democrat party conference, in an attempt to calm concerns over the coalition, the business secretary has launched an attack on self-interest and City greed.
Vince Cable discussed issues such as executive pay and the role of directors in takeover battles, as well as how "murky" corporate practices threaten UK firms and how "capitalism kills competition".
The CBI's Director General Richard Lambert criticised the speech saying Mr. Cable had "harsh things to say about the capitalist system".
Defending his speech, Mr. Cable said he was was "pro-business, pro-market" adding: "I want to protect consumers, I want to look after shareholders, I want to level the playing field for small business.”
The business secretary also revealed Royal Mail staff would be given shares of 10% in any future flotation of the company.
Last month, he confirmed his intentions to sell Royal Mail, saying this would represent the largest employee share scheme for 25 years.
The Lib Dem leadership are under pressure regarding spending cuts and the four-year process of reducing the deficit. Today they addressed how the least well-off will be protected while the wealthiest will be made to pay their fair share.
Mr. Cable also announced a wide-ranging consultation on executive pay, the role of directors and investors during takeover battles, and how shareholder influence over corporate decisions could be increased, saying the owners of businesses must act "responsibly".
(BMcN/GK)
Vince Cable discussed issues such as executive pay and the role of directors in takeover battles, as well as how "murky" corporate practices threaten UK firms and how "capitalism kills competition".
The CBI's Director General Richard Lambert criticised the speech saying Mr. Cable had "harsh things to say about the capitalist system".
Defending his speech, Mr. Cable said he was was "pro-business, pro-market" adding: "I want to protect consumers, I want to look after shareholders, I want to level the playing field for small business.”
The business secretary also revealed Royal Mail staff would be given shares of 10% in any future flotation of the company.
Last month, he confirmed his intentions to sell Royal Mail, saying this would represent the largest employee share scheme for 25 years.
The Lib Dem leadership are under pressure regarding spending cuts and the four-year process of reducing the deficit. Today they addressed how the least well-off will be protected while the wealthiest will be made to pay their fair share.
Mr. Cable also announced a wide-ranging consultation on executive pay, the role of directors and investors during takeover battles, and how shareholder influence over corporate decisions could be increased, saying the owners of businesses must act "responsibly".
(BMcN/GK)
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