View more on these topics

Labour eyes higher minimum wage for financial firms

Labour leader Ed Miliband is considering a higher national minimum wage for certain industries such as financial services.

Speaking to the BBC at the Labour party conference in Brighton yesterday, Miliband said he will look at increasing the minimum wage but only in a “responsible way”.

The minimum wage is set to increase by 12p to £6.31 an hour for adults and 5p to £5.03 for 18 to 20 year olds from October.

Miliband said: “We are looking at two sets of issues; firstly, the value of the minimum wage and the second issue is whether there is a case for certain sectors, like finance for example, for having a higher minimum wage. I say that because the minimum wage must be set a level where it is not going to cost jobs, which is really important.”

Miliband set out plans for tougher enforcement of the minimum wage, saying the maximum £5,000 fine for breaching rules is ”not right”.

He promised to strengthen enforcement and hit out at the lack of prosecutions for employers not paying the minimum wage.

He also pledged not to borrow to pay for more day-to-day spending and rejected Treasury claims his plans have a £27bn black hole.

Miliband also hinted that a future mansion tax of 1 per cent of properties worth more than £2m could apply on the full cost of the home and not just above £2m.

Recommended

Home-House-US-Dollars-USA-700x450.jpg

JP Morgan seeks $4bn settlement to US misselling claims

JP Morgan Chase is in discussions with the US regulator to settle allegations it missold mortgage-backed securities. The Financial Times reports the bank is looking to settle through a single $4bn (£2.5bn) payment covering all outstanding allegations from state and federal task forces. The allegations involve a lawsuit from the New York attorney-general along with […]

HM-Treasury-Front-700x450.jpg

Treasury launches legal challenge to EU bank bonus cap

The Treasury has today launched a legal challenge with the European Court of Justice to fight EU rules to cap bankers’ bonuses. As part of a capital requirements directive, CRD4, the EU passed tough new rules to cap bank bonuses at 100 per cent of salary or 200 per cent with shareholder approval. The rules […]

3

OFT commission ban could cost advisers £150m and 1,000 jobs

A ban on pre-RDR commission linked to auto-enrolment schemes could see 1,000 advisers put out of business and cost the advice sector at least £150m, according to Aviva estimates.  The Office of Fair Trading yesterday recommended banning pension schemes with “built in” adviser commissions from being used for automatic enrolment. New legislation banning consultancy charges […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. Not necessarily a problem or a burden on employers – just scrap AE. That should cover it. Otherwise what will you achieve? Higher salary costs from NI, AE and your Min Wage. Result – higher unemployment and more outsourcing to the third world. Nor to mention the enlargement of the Black Economy.

    Plea to ALL politicians. Please don’t try and get clever and walk and chew gum at the same time.

  2. I don’t have any problem with a higher minimum wage. We’ve always paid well in excess of it anyway even though we’re in a low-wage town and could no doubt get away with paying less. When I see bosses underpaying their people, when they could obviously afford to pay more, I always think they lack self respect. Societies that promote vast inequality of wealth are headed for catastrophe.

Leave a comment

Close

Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm

Email: customerservices@moneymarketing.com