Member

By contrast, the noble Baroness’s amendment would introduce an arbitrary cap on the pay of any individual in a company, regardless of the experience or skills that they bring to the business as a whole. We are not aware of any other advanced economy that has introduced such a measure and have significant concerns that it could undermine the UK’s economic competitiveness. While it is right that companies should explain how pay at the top aligns with wider employee pay, it is also important that companies can compete for the best business talent in the UK and globally. The amendment would significantly undermine the ability of UK companies to attract and retain skilled and experienced employees, while providing international competitors with greater opportunities to poach UK workers, to the detriment of our economy as a whole. For these reasons, I ask the noble Baroness, Lady Bennett of Manor Castle, to withdraw Amendment 320.