Labour threatens £1.3bn tax on excessive pay
LABOUR leaders are threatening a new ‘fat cat’ tax to cut down on outlandish executive pay.
Shadow business minister Laura Pidcock wants to introduce an ‘excessive pay levy’. Her warning, in a Parliamentary debate on FTSE 100 company pay ratios, came after a Mail on Sunday investigation revealed last weekend that top chief executives are being paid as much as 1,000 times more than the average wage of their employees.
Pidcock said a levy on the employers of those who earn £330,000 a year or more would raise £1.3 billion per annum. The debate was led by Labour’s Siobhain McDonagh, who described the results of The Mail on Sunday’s research as ‘staggering’.