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Alistair Darling challenged to curb city remuneration

The last few days have seen the Chancellor of the Exchequer Alistair Darling move out of the shadows and take up the mantle regarding excessive pay in the city and huge bonuses. However, Alistair Darling was today challenged to rubberstamp the creation of a new "High Pay Commission" which would effectively oversee the City of London and regulate remuneration packages and bonuses. So how did the Chancellor react?

Despite his promise to attack the city and the excessive bonuses and remuneration packages starting to appear again, he has dismissed the idea of a High Pay Commission. This particular suggestion came from a centre-left campaign group by the name of Compass and suggested that bonus packages and remuneration in the city should be compared to the average UK working week and working pay. It is claimed that those on the minimum wage would have to work in excess of 220 years to obtain the same annual income received by top FTSE 100 bosses!

Despite the campaign allegedly being backed by up to 100 influential figures from the world of politics and business it appears that Alistair Darling has not been swayed. This will further fuel the rumour that the headline grabbing Chancellor and Prime Minister are paying nothing but lip service to the issue of bonuses and remuneration in the city.

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