CHECK AGAINST DELIVERY
There is now broad consensus across the main political parties and many business and investor groups in support of “responsible capitalism”. This precludes lavish payouts for failure or mediocrity, and addresses widening inequalities in remuneration. There is also a common understanding that Britain’s recovery from its profound economic crisis must be led by successful private enterprise and that entrepreneurs and good managers will expect competitive rewards. The debate on executive pay has to reconcile these two objectives. That is what I will try to do today.