From October, payouts will by law have to be more transparent and that ‘will lead to more restraint’ by the big banks, Vince Cable said.
The row came as he announced a 12p rise in the minimum wage for adults to £6.31 an hour from October. The 1.9 per cent increase was recommended by the Low Pay Commission, although critics say it is ‘illogical’ to have the same basic wage across the country.
Unions attacked Mr Cable for not doing more.
Len McCluskey of Unite said the rise was ‘derisory’ and it should have gone up by £1 an hour.
But Mark Littlewood, director general of the free-market think-tank the Institute of Economic Affairs, said: "The real poverty in our society lies with those who are not in work at all, and a 2 per cent increase in the national minimum wage will do nothing to improve their chances of a job."
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