CONTROL OF HIGH PAY BY CONSUMER POWER

That this House welcomes the decision by Sir Philip Hampton and Stephen Hester to waive their bonuses for this year and calls on all the highest-paid employees of banks which received public funds to show the same restraint; congratulates the Secretary of State for Business, Innovation and Skills on his campaign to improve transparency and strengthen the role of employees and shareholders in curbing the reward for failure culture; notes the launch of the UK Move Your Money campaign which encourages consumers to use their purchasing power to shape corporate decisions and encourages this campaign to work constructively with the Secretary of State to tackle excessive pay among the FTSE 100 companies and especially to maximise the role employees can play in using information and consultation arrangements.