Bank of England's deputy governor defends fat cat pay
Huge earnings by private equity and hedge fund execs find support from Sir John Gieve
The Bank of England’s deputy governor Sir John Gieve has appearently lent his
support to the huge pay packets earned by private equity and hedge fund
executives, claiming that remuneration for those involved was now being set on a
‘world market’.
Giving a lecture at the University of Surrey, Sir John compared the pay for
top executives with the rewards for top footballers, saying that both UK sectors
attracted the best people from around the world.
According to reports in The Times, he has predicted that the City
will continue to attract the best people.
His remarks follow a parliamentary investigation into private equity, which
saw some of the top executives in the business undergo aggressive questioning by
MPs on their pay and tax affairs.
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