Last week, Lib Dem Secretary of State for Business, Innovation and Skills Vince Cable announced sweeping changes to the way in which top-level executives have their pay and bonuses decided. This change, described by the government as the ‘most comprehensive reforms of the governance framework for directors’ remuneration in a decade’, will:

  • Give company shareholders binding votes on both executive-pay policy and exit payments (the amount of money an executive receives if they resign or leave their contract early)
  • Boost transparency – allowing the link between pay and performance to be clearly drawn
  • Ensure that the reforms have a lasting impact by keeping the shareholders in the driving seat and maintaining their recent boardroom activism
Vince Cable said:

“At a time when the global economy remains fragile, it is neither sustainable nor justifiable to see directors’ pay rising at 10 per cent a year, while the performance of listed companies lags behind and many employees are having their pay cut or frozen.

“In January we kicked off a national debate aimed at encouraging shareholders to become more actively engaged as company owners in better aligning directors’ pay with performance. I have been greatly encouraged by the ‘shareholder spring’ and I want to see that momentum sustained. That is why I am bringing forward legislation to strengthen the powers of shareholders through a binding vote on pay.”

As Liberal Democrats, we believe that the success should run through UK business from top to bottom. We want to see the values of fairness and responsibility in the setting of top-level pay, and we want to see proportionality – no more rewards for failure, no huge executive increases at the expense of low-paid workers below – at the heart of British business.

You can find more information on the upcoming Enterprise and Regulatory Reform Bill here.

For The Many, Not The Few: Budget Message from Nick Clegg

We can be proud that the biggest tax cuts in today’s Budget go to millions of working families.

As a result of this Budget, someone working a full week on minimum wage will see their income tax bill cut by over 50% compared to under Labour.

Increasing the personal allowance to £9,205 takes us within touching distance of our number one manifesto pledge – ensuring no one pays any tax on the first £10,000 they earn.

Thanks to our changes, a basic rate taxpayer will be paying £45 a month less in tax than they would have been under Labour.

We can be proud that we’ve ensured the richest in our society will be paying more, much more.

The Tycoon Tax, an increase in stamp duty for high value properties and other new taxes on wealth will raise five times as much as the 50p tax rate. Those with annual incomes of more than £150,000 a year will be paying on average an additional £1,300 a year in tax, as a result of this Budget.

Of course, this is a Coalition Budget and we did not get our own way on everything. Conservative priorities are not ours. But as on so many other issues, we have made sure that there is a real Liberal Democrat stamp on this Budget.

Lower taxes for more than 20 million working people; effective new taxes on the rich.

This is a Budget we can be proud of – a Budget for the many, not the few.

Best wishes,

Lib Dems saving our Post Offices

Post Office sign 

New Lib Dem plans will protect our local Post Offices after years of Labour cuts.
Your Focus Team is pleased that the Liberal Democrats in government are delivering on another one of their promises.
Under Labour 5,000 Post Offices were closed.
The Lib Dem plan will see the Post  Office:
 Becoming a One-stop shop.
 A central point of our community life again.
 Investing £1.3 billion into the Post Office Network, protecting the 11,500 remaining Post Offices.
 Having more services.
 Offering information for jobseekers,
 Access to over 80% of bank accounts including RBS and NatWest.
 Longer opening hours.
 Post Office services being offered at the shop till.
 Small, local shops providing some Post Office services.