Vince Cable tells top UK firms: crack down on bonuses or face new laws

Business secretary urges companies to rethink pay deals to regain public trust and move focus off short-term success

Vince Cable has issued a stark warning to Britain's leading boardrooms that they need to crack down on bonuses to restore public trust and avert the threat of fresh legislation to limit executive pay.

The business secretary fired off a warning to the 100 biggest UK-listed companies about the damage big pay deals can have on their image, before Barclays' annual meeting on Thursday, where protests about the bank's £2.4bn bonus pot are expected to be registered by disgruntled shareholders.

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