Team Blitz India
LONDON: Executives in Britain need to be paid more to compete globally and attract talent for the financial sector, City Minister Andrew Griffith said at an event here. This, he added, should be done as part of efforts to bolster the financial sector when facing global competition.
“Remuneration here needs to be competitive. We need to attract the brightest and best to these shores – the last thing we want to do is drive them away,” stated the City Minister. He was speaking at an event hosted by UK Finance, a trade body for the banking and finance industry, on May 16.
Renewed deabate: Griffith’s comments came amid a renewed debate over executive pay and concern over the number of companies looking to list and grow in the United States, where executives are typically paid more than in Britain, wrote The Times.
Earlier this month, Julia Hoggett , Chief Executive of the London Stock Exchange, had also called for bosses of UK companies to be paid more in order to match their counterparts in the US. According to Hoggett, British companies were finding it difficult to attract and retain executives because of their smaller remunerations compared to rivals in the United States.
Top executives in the United States are usually paid more than those in Britain even as shareholders in the UK push back against executive pay packets, a politically sensitive issue.
The British Parliament, according to some reports, may soon approve a law that gives regulators powers to revise a “welter of financial rules inherited from the EU”. Meanwhile, Britain already said it will scrap a cap on banker bonuses.
