date: 15 February 2011
embargo: for immediate release
Commenting on Barclays' 2010 pay and bonuses pool announced today (Tuesday), TUC General Secretary Brendan Barber said:
'Barclays have made a mockery of bonus restraint by giving staff a whopping 25 per cent increase in performance-related pay.
'With ordinary workers facing the toughest squeeze in living standards for 90 years, it takes a special kind of arrogance to consider a pay rise ten times the level of average settlements as 'restrained'.
'With Project Merlin now a proven sham, new measures are needed to tackle boardroom excess.
'It's time shareholders took some notice. Barclays is paying more in bonuses to its elite staff than they are paying in dividends to the bank's owners.
'That's one reason why we should count all pay and bonuses over £250,000 - around ten times the average wage - as profits so it is liable for corporation tax.
'That way not only do taxpayers get a proper share, but it brings home just how little control shareholders have exercised over banks.'
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Issued: 15 February, 2011