Action promised over ‘scandalous’ bank pay

BUSINESS Secretary Vince Cable has pledged to take “robust action” on the “scandalous” and “completely unjustified” payouts by banks in Britain.

The Liberal Democrat MP vowed to press ahead with plans to curb City worker’s lavish pay and bonuses, despite fears that many financial firms could relocate abroad as a result.

Speaking to the Sunday Times, he said: “The banks shouldn’t underestimate our determination to act. They are deluding themselves, really seriously deluding themselves, if they believe the Government is not going to take this seriously.”