§ Mr. Warrenasked the Secretary of State for Employment whether the five pay rises in the last six months received by certain employees of the Midland Bank Ltd. without having to change their job title, or grade, together with a further 40 per cent. increase negotiated between the company and the unions, were in conformity with the social contract.
§ Mr. BoothMy right hon. Friends the Secretary of State for Employment and the Chancellor of the Exchequer met representatives of the banks on 7th August and expressed their concern that the pay increases given this year were in total outside the social contract. I am not aware of any subsequent proposal for a further increase of 40 per cent.