HC Deb 24 June 1968 vol 767 cc33-4
54. Mr. Frank Allaun

asked the Secretary of State for Employment and Productivity if she will refer to the National Board for Prices and Incomes the increase in remuneration of the Chairman of Hambros Bank from £20,866 to £25,145 a year in the last 12 months, in addition to share dividends.

The Under-Secretary of State for Employment and Productivity (Mr. Harold Walker)

The White Paper makes it clear that the principles of the policy apply to directors' remuneration and the Government expect directors to show the same sense of responsibility towards these principles as is being asked of wage and salary earners. We will be keeping the question of directors' remuneration under close review as details become increasingly available through the operation of the Companies Act, 1967. My right hon. Friend is having this particular case investigated.

Mr. Allaun

Is the Minister aware that I very much welcome that reply? What does he think the railwaymen and the engineers feel about this—that there is one law for the poor and another for the rich, particularly Mr. Jocelyn Hambro?

Mr. Walker

I would hope that my reply made clear to the House that my right hon. Friend is determined that the policy should be universally applicable.

Mr. Ridsdale

But is the Minister aware that my constituents are much more concerned about the 4 per cent. increase on the bus fares than the £5,000 increase in this man's salary, a large amount of which will come back in tax?

Mr. Walker

It is without question of tremendous concern that some people should apparently have an opportunity to escape the incomes policy, and we seek to put this right.