Commenting on Business Secretary Vince Cable’s speech on executive pay today, Mark Littlewood, Director General at the Institute of Economic Affairs, said:
"If Vince Cable spent as much time and effort removing red tape as he appears to do on introducing more of it, we might get closer to encouraging the economic growth we need.
"To be fair to the Business Secretary, he appears to wish to cajole companies in a certain direction rather than take a fully draconian approach.
"Nevertheless, he is increasing the burden on businesses, not decreasing it. Ruminating about appropriate levels of executive pay is a distraction from the central issue of how to get the economy to grow. Vince Cable's statement today is more about political positioning than sound economics."
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Notes to editors
The mission of the Institute of Economic Affairs is to improve understanding of the fundamental institutions of a free society by analysing and expounding the role of markets in solving economic and social problems.
The IEA is a registered educational charity and independent of all political parties.