HOLMES BACKS CALLS FOR A HIGH PAY COMMISION

Liberal Democrat MP for Chesterfield Paul Holmes, was one of the first 26 supporters of the Compass campaign calling on the Government to establish a High Pay Commission to review top pay and look at measures to ensure excessive pay can't damage the economy again.

The campaign, also backed this week by 100 other public figures such as Vince Cable MP, Brendan Barber (General Secretary of the TUC) and Labour MP's Jon Cruddas and Frank Field, was launched on Monday 18th August.

Commenting Liberal Democrat MP for Chesterfield Paul Holmes said:

"It was right that a Low Pay Commission was established and it is right that a High pay Commission should be set up too.

"There is absolutely no justification for the massive and immoral pay and bonus awards in financial institutions, many of which are owned by the taxpayer.

"It is long overdue that the Government act to end the reckless bonus led culture in the city, the very culture that has crippled our economy and seen unemployment levels in Chesterfield tip towards 1997 levels.

"It is essential that we tackle inequality in all its forms and that includes excessive pay and bonuses, it is simply an insult to the growing list of unemployed that the very same employees whose jobs were saved by taxpayers can still receive excessive salaries and bonuses running into Millions of Pounds.

"It is this recklessness and inequality that fuelled the recession, this recklessness must not be allowed to continue, the Government must act and act now."