Browse content similar to 20/06/2012. Check below for episodes and series from the same categories and more!
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Tonight at ten: David Cameron attacks wealthy | :00:07. | :00:12. | |
individuals avoiding millions in tax. The comedian Jimmy Carr, and | :00:12. | :00:16. | |
others, are said to be using complex offshore schemes. He says | :00:16. | :00:22. | |
he pays what he has to - the Prime Minister disagrees. Think of all | :00:22. | :00:26. | |
those people who work hard and pay their taxes and out of that income, | :00:26. | :00:31. | |
save up to go and see Jimmy Carr. He's taking that money and stuffing | :00:31. | :00:36. | |
it into something where he doesn't have to pay tax. That is not fair. | :00:36. | :00:39. | |
We'll be asking where this could lead in terms of Government action. | :00:39. | :00:41. | |
Also tonight: On the eve of industrial action by | :00:41. | :00:47. | |
doctors, ministers urge a last- minute rethink. The strike is | :00:47. | :00:53. | |
pointless. It will achieve nothing. We will implement this pension deal, | :00:53. | :00:56. | |
which is a fair and sustainable deal for NHS workers. | :00:56. | :00:58. | |
Unemployment falls again amid warnings that the spending cuts | :00:58. | :01:04. | |
could last up to a decade. Greece has a new coalition | :01:04. | :01:08. | |
government broadly committed to the austerity programme. | :01:08. | :01:18. | |
:01:18. | :01:23. | ||
And England's footballers bask in In sport, another bad day for Andy | :01:23. | :01:26. | |
Murray. Wimbledon is days away and he is yet to find his form on the | :01:26. | :01:36. | |
:01:36. | :01:46. | ||
Good evening. Tax avoidance schemes used by | :01:46. | :01:48. | |
wealthy individuals including the comedian Jimmy Carr are morally | :01:48. | :01:52. | |
wrong according to the Prime Minister. The complex schemes, | :01:53. | :01:57. | |
which are not unlawful, are used to shelter millions of pounds. Mr Carr | :01:57. | :02:01. | |
is reported to have said that he pays what he has to and not a penny | :02:01. | :02:04. | |
more. The Prime Minister's intervention is now likely to shine | :02:04. | :02:14. | |
:02:14. | :02:14. | ||
the spotlight on others, as James We are all very excited backstage. | :02:14. | :02:19. | |
We get to meet the royals later on. He has performed for Her Majesty, | :02:19. | :02:23. | |
but it is he paying enough to her Revenue and Customs. Jimmy Carr is | :02:23. | :02:29. | |
a wealthy comedian, but he uses an unusual or score -- offshore scheme | :02:29. | :02:33. | |
and the prime minister is not amused. So are these schemes where | :02:33. | :02:37. | |
people are parking huge amounts of money offshore and taking loans | :02:37. | :02:43. | |
back to minimise their tax rates are not morally acceptable. Think | :02:43. | :02:47. | |
of all those people who work hard and pay their taxes and out of that | :02:47. | :02:51. | |
post-tax income saved up to go and see Jimmy Carr. He is taking that | :02:51. | :02:54. | |
money and stuffing it into something where he doesn't have to | :02:54. | :02:59. | |
pay tax. That is not fair. Jimmy Carr has in the past got a few | :02:59. | :03:04. | |
laughs by mocking tax avoidance, in this case by a bank. Why don't you | :03:04. | :03:09. | |
apply for the Barclays 1% tax scam? They have put scheme on the | :03:09. | :03:12. | |
They have put scheme on the leaflet! But according to the Times, | :03:12. | :03:16. | |
Jimmy Carr himself transfers millions of pounds into Jersey- | :03:16. | :03:21. | |
based scheme known as K2. He gets the vast majority of the money back | :03:21. | :03:24. | |
as a loan and because of that, he as a loan and because of that, he | :03:24. | :03:27. | |
doesn't have to pay income tax on it and it is totally legal. He | :03:27. | :03:30. | |
reportedly told an audience he is paying what he has to do not a | :03:30. | :03:34. | |
penny more. But tonight, as he arrived home, he and usually have | :03:34. | :03:40. | |
little to say. There have also been claims that the singer Gary Barlow, | :03:40. | :03:43. | |
who was given an OBE for organising the Jubilee Concert, has invested | :03:43. | :03:48. | |
in a similar scheme along with some other Take that members, a scheme | :03:48. | :03:52. | |
that invests in the music industry, but also minimise his tax. Mr | :03:52. | :03:57. | |
Cameron said he would also look at that, but others are squire. It is | :03:57. | :04:02. | |
not morally wrong. You don't have a duty to pay more tax than you are | :04:02. | :04:06. | |
obliged to. It is effectively to make a gift to the government. I'm | :04:06. | :04:10. | |
simply donating money to the government. There's no moral | :04:10. | :04:14. | |
obligation to do that. The danger for David Cameron is Conservative | :04:14. | :04:18. | |
supporters such as Top Shop boss Sir Philip Green have also faced | :04:18. | :04:21. | |
allegations of tax avoidance, as has the former Tory treasurer Lord | :04:21. | :04:27. | |
Ashcroft. Someone might ask where you draw the line. By not in favour | :04:27. | :04:31. | |
of tax avoidance, obviously, but it is not for politicians to lecture | :04:31. | :04:36. | |
people about Mora -- morality. If the wrong thing is happening, | :04:36. | :04:40. | |
change the law to prevent that tax avoidance. In his Budget, George | :04:40. | :04:43. | |
Osborne launched a crackdown on a regressive tax avoidance which he | :04:43. | :04:48. | |
said was morally repugnant. But the Revenue and Customs is looking at | :04:48. | :04:51. | |
the specific schemes used by Jimmy Carr and others. For now, Jimmy | :04:51. | :04:55. | |
Carr will carry on cracking jokes, but he may soon have to pay a | :04:55. | :04:59. | |
little more tax. Let us talk more about the prime | :04:59. | :05:05. | |
minister's intervention. What could it lead to? It is incredibly | :05:05. | :05:08. | |
unusual for a prime minister to get involved in a personal case like | :05:08. | :05:12. | |
this, but the Prime Minister read about it on his wipeout in Mexico | :05:12. | :05:16. | |
and was clearly moved enough to want to intervene. The government | :05:16. | :05:22. | |
is already trying to crackdown on tax avoidance, there are plans for | :05:22. | :05:26. | |
a general anti-avoidance rule. I think the Prime Minister was happy | :05:26. | :05:31. | |
to use Jimmy Carr's case as an example, to make the argument for | :05:31. | :05:36. | |
that. The Prime Minister was also very happy to make common cause. | :05:36. | :05:41. | |
Many voters are feeling the pinch and up paying ever increasing taxes, | :05:41. | :05:46. | |
they might look awry at a wealthy comedian avoiding so much tax, but | :05:46. | :05:50. | |
there are a lot of risks in this. Many governments promised to cut | :05:50. | :05:55. | |
down on tax avoidance, very few achieve it. There's a risky raises | :05:55. | :05:59. | |
expectations. There's also the question about where you draw the | :05:59. | :06:03. | |
line between acceptable tax avoidance and aggressive tax | :06:03. | :06:06. | |
avoidance that is clearly not acceptable in the Prime Minister's | :06:06. | :06:10. | |
eyes, but most importantly, David Cameron has effectively declared | :06:10. | :06:15. | |
open season on all Conservative supporters and members who avoid | :06:15. | :06:21. | |
tax. They will now be the subject of legitimate journalistic inquiry | :06:21. | :06:25. | |
and so the risk for the Prime Minister is that he will gain some | :06:25. | :06:30. | |
good headlines by criticising tax- avoidance, but he might just regret | :06:31. | :06:33. | |
that down the line if it means endless stories about people who | :06:33. | :06:39. | |
are related to him, supporters of him, who are also avoiding tax | :06:39. | :06:43. | |
through legal means. Thank you. Within hours, many NHS doctors will | :06:43. | :06:47. | |
start their first industrial action for almost 40 years. They're | :06:47. | :06:51. | |
protesting against planned changes to their pensions. Ministers have | :06:51. | :06:54. | |
urged them to call off the action, saying it's pointless. Doctors say | :06:54. | :06:57. | |
they will treat anyone requiring emergency or urgent care, but the | :06:57. | :06:59. | |
Health Secretary, Andrew Lansley, says thousands of patients will be | :06:59. | :07:09. | |
:07:09. | :07:10. | ||
affected, as Branwen Jeffreys The NHS is on the eve of industrial | :07:10. | :07:15. | |
action by doctors. Routine operations, hospital or GP | :07:15. | :07:19. | |
appointments could be affected. At his surgery in Manchester, they are | :07:19. | :07:22. | |
warning patients only urgent cases will be seen tomorrow. They are so | :07:23. | :07:26. | |
angry about their pensions, son check-up clinics have been | :07:26. | :07:32. | |
cancelled. We are not booking routine afternoon appointments in | :07:32. | :07:37. | |
advance. But again, I would emphasise that anyone who is unwell | :07:37. | :07:41. | |
on the day will be seen. We are absolutely clear that we do not | :07:41. | :07:46. | |
want to cause patients any harm. But there may be limited sympathy | :07:46. | :07:51. | |
from a public whose pensions and spending are already being squeezed. | :07:51. | :07:54. | |
The doctors industrial action is happening at a time of austerity in | :07:54. | :07:59. | |
the economy at large and in the public sector. There's a pay freeze | :07:59. | :08:05. | |
in place in the NHS and many lower- paid staff are also seeing their | :08:05. | :08:09. | |
future pensions cut. I would apologise to the public that we've | :08:09. | :08:13. | |
got to this situation. I think the public have to ask why do Oscars | :08:13. | :08:17. | |
feel that for the first time in nearly 40 years they are prepared | :08:17. | :08:20. | |
to take this sort of action. It has not been something they've done | :08:20. | :08:22. | |
not been something they've done lightly. So how do the changes | :08:22. | :08:27. | |
look? At the moment the doctor earning �120,000 a year can expect | :08:27. | :08:34. | |
to retire at 60 on a pension of �48,000 a year with a tax-free lump | :08:34. | :08:41. | |
sum of �140,000. From 2015, junior doctors will have to work longer, | :08:41. | :08:45. | |
retiring at 68 on an annual pension retiring at 68 on an annual pension | :08:46. | :08:49. | |
of �68,000 and they will pay extra contributions during their career. | :08:49. | :08:53. | |
The Health Secretary told me the public already put billions into a | :08:53. | :08:58. | |
scheme he says is one of the most generous in the country. Phi you | :08:58. | :09:01. | |
innocent saying to doctors that this deal is as good as it gets and | :09:01. | :09:06. | |
they have to take it on leave it? The deal is the best available. We | :09:06. | :09:11. | |
gave the trade unions and opportunity to influence several of | :09:11. | :09:16. | |
the aspects of the scheme. We know and other trade unions in the NHS | :09:16. | :09:19. | |
know we should go ahead with implementing the scheme and the BMA | :09:19. | :09:23. | |
industrial action will not been for want that. On the brink of this | :09:23. | :09:27. | |
dispute, there is little sign of resolution. Tomorrow it is patients | :09:27. | :09:32. | |
who will be the first to find out what the impact will be. | :09:32. | :09:35. | |
Unemployment has fallen for the third month in succession, to just | :09:35. | :09:38. | |
over 2.6 million. The private sector has helped ease the pressure, | :09:39. | :09:42. | |
creating more jobs in the past three months than were lost in the | :09:42. | :09:45. | |
public sector. But there's been another rise in part-time workers | :09:45. | :09:48. | |
as people struggle to find full- time jobs. Our chief economics | :09:48. | :09:58. | |
:09:58. | :09:59. | ||
correspondent, Hugh Pym, has been At a time of generally gloomy | :09:59. | :10:03. | |
economic news, there was something bit brighter today. Low | :10:03. | :10:09. | |
unemployment, which may have come as a surprise to some. At this | :10:09. | :10:11. | |
Graduate recruitment Fair in Birmingham, there were some | :10:11. | :10:14. | |
positive development. The director of the UK-based domestic appliance | :10:14. | :10:19. | |
business told me sales were growing, helped by despots -- exports and | :10:19. | :10:23. | |
they needed new staff. We have opportunities in design and | :10:23. | :10:26. | |
engineering and other areas, whether it is logistics or | :10:26. | :10:30. | |
marketing, to feel that growth. We have doubled the number we have in | :10:30. | :10:33. | |
the last two years and we are looking to increase that in the | :10:33. | :10:35. | |
looking to increase that in the future. We have plenty of vacancies. | :10:35. | :10:39. | |
The full extent of job creation can be seen in the latest employment | :10:39. | :10:42. | |
figures. In the first three months of the year, private sector | :10:42. | :10:47. | |
employment rose by 205,000. Fat employment rose by 205,000. Fat | :10:47. | :10:51. | |
easily outstripped cuts of 39,000 in the public sector. But there are | :10:51. | :10:55. | |
some other jobs fair, like Will, who have not found a full-time | :10:55. | :11:00. | |
doping yet, a year after graduating. I feel as a graduate we are one of | :11:01. | :11:04. | |
thousands of unemployed graduates and I hate having to go round | :11:04. | :11:07. | |
telling people my occupation is unemployed. People think you can't | :11:07. | :11:12. | |
be bothered to that is really hard to take because I can. Recent | :11:12. | :11:16. | |
developments in the jobs market are quite puzzling. Unemployment has | :11:16. | :11:20. | |
fallen even though the UK is in recession. It could be that the | :11:20. | :11:23. | |
latest figures reflect decisions and activity at the end of last | :11:23. | :11:25. | |
and activity at the end of last year. In other words, unemployment | :11:25. | :11:29. | |
is a lagging indicator. And if you look at the narrower measure of | :11:29. | :11:34. | |
unemployment, those claiming jobseeker's allowance, it rose by | :11:34. | :11:38. | |
just over 8,000 in May. Despite falling for a couple of months | :11:38. | :11:43. | |
before that, it is now slightly before that, it is now slightly | :11:43. | :11:46. | |
higher than it was last October. In other words, no improvement. It is | :11:46. | :11:50. | |
very odd that economic growth is doing badly -- fairly badly, but | :11:50. | :11:55. | |
economic growth is doing well. It may be that we get a rude awakening | :11:55. | :11:58. | |
and the labour market will disappoint. Maybe of the doom and | :11:58. | :12:01. | |
gloom has been overstated and we will see economic growth | :12:01. | :12:06. | |
accelerated. So the future is uncertain, the Bank of England | :12:06. | :12:10. | |
thinks so. Its policy makers considered cutting interest rates | :12:10. | :12:14. | |
at their recent meeting and pumping up new money to boost the economy. | :12:14. | :12:17. | |
They are worried the climate could get worse. | :12:17. | :12:20. | |
Greece has a new government - a coalition led by the centre-right | :12:20. | :12:24. | |
New Democracy party. The new prime minister, Antonis Samaras, said his | :12:24. | :12:27. | |
duty was to pull Greece back from the brink of bankruptcy and to | :12:27. | :12:32. | |
offer hope to the Greek people. His coalition is expected to urge | :12:32. | :12:35. | |
creditors to ease the terms of the country's bail out. From Athens, | :12:35. | :12:37. | |
our correspondent Chris Morris reports. His report contains some | :12:37. | :12:47. | |
:12:47. | :12:49. | ||
Three days after an election watched around the world, an | :12:49. | :12:54. | |
Orthodox blessing as Antonis Samaras takes office as prime | :12:54. | :12:58. | |
minister of Greece. He will lead a coalition government and the rest | :12:58. | :13:01. | |
of Europe will be praying that it can bring some sense of stability. | :13:02. | :13:06. | |
But there are no guarantees. He came out to face the cameras | :13:06. | :13:11. | |
knowing that a tough road lies ahead. Mr Samaras has just been | :13:11. | :13:14. | |
sworn in as Prime Minister and he wants the eurozone to give his new | :13:14. | :13:18. | |
government a little bit of leeway, a bit of breathing space, otherwise | :13:18. | :13:23. | |
he fears that support for SYRIZA, the main opposition party which | :13:23. | :13:27. | |
campaigned against the bail out agreement, will grow and grow. And | :13:27. | :13:32. | |
he promised to try to restore a sense of hope at home. TRANSLATION: | :13:32. | :13:36. | |
I'm asking the Greek people to show patriotism, solidarity and trust | :13:36. | :13:40. | |
and with God's help we will do whatever we can to get grease out | :13:40. | :13:45. | |
of this crisis. And in another part of Athens, a reminder that this | :13:45. | :13:49. | |
isn't just about numbers. Real people are trapped by the eurozone | :13:49. | :13:55. | |
crisis. Here, farmers from Crete are handing out 27 tonnes of free | :13:55. | :14:02. | |
food to people on low incomes. There are a lot of people in my | :14:02. | :14:08. | |
country who are in need. We will try to help. This is a country in | :14:08. | :14:12. | |
its 5th year of recession and still deep in debt. So what does Mr | :14:12. | :14:15. | |
Samaras expect from the rest of Samaras expect from the rest of | :14:15. | :14:18. | |
Europe? Crease may ask for two more years to meet its fiscal targets. | :14:18. | :14:22. | |
That could mean billions of Euros in extra funding. The government | :14:22. | :14:25. | |
may want to reverse a big cut in the minimum wage imposed this year. | :14:25. | :14:28. | |
And it is seeking faster delivery And it is seeking faster delivery | :14:28. | :14:32. | |
of EU investment funds to create jobs and growth. But in Berlin and | :14:32. | :14:36. | |
other capitals, there's limited enthusiasm for giving too much to a | :14:36. | :14:44. | |
country which for years spent more Macro Angela Merkel said she had | :14:44. | :14:48. | |
congratulate Mr Samaras, but she has already made it clear that she | :14:48. | :14:51. | |
doesn't see huge room for manoeuvre when it comes to changing the terms | :14:51. | :14:55. | |
of the bail out. They were dancing in front of the parliament in | :14:55. | :14:59. | |
Athens tonight, proof that Greeks still know how to enjoy life. But | :14:59. | :15:03. | |
no one knows how long the new government will last. There are | :15:03. | :15:12. | |
more tough times ahead. Crisis The programme of spending cuts to | :15:12. | :15:18. | |
tackle Britain's deficit could last as long as ten years. That's the | :15:18. | :15:21. | |
warning delivered by Sir Jeremy Heywood in a speech this evening. | :15:21. | :15:25. | |
He spoke on the day David Cameron revealed plans to promote house | :15:25. | :15:29. | |
building to promote growth. He said there would be no borrowing and | :15:29. | :15:31. | |
spending spree. Our political editor Nick Robinson followed the | :15:31. | :15:41. | |
:15:41. | :15:44. | ||
Prime Minister on a visit to Mexico City.... Mucho generosa... | :15:44. | :15:48. | |
future may speak Spanish and it may be here in Mexico. Today David | :15:48. | :15:53. | |
Cameron tried to drum up a share of this country's growing trade for | :15:53. | :16:03. | |
British businesses. How the Prime Minister must envy that, when | :16:03. | :16:08. | |
Britain has an economy which seems stuck going nowhere. The Business | :16:08. | :16:12. | |
Secretary talked of us being in a slump like the 1930s. Do you fear | :16:13. | :16:17. | |
he is right? I wouldn't put it like that. But we are facing in Europe a | :16:17. | :16:21. | |
difficult set of circumstances that is harming our growth and our | :16:21. | :16:25. | |
prospects. It's going to take time to fix. There was some good news at | :16:25. | :16:29. | |
the G20, but frankly, Britain needs to roll up its sleeves, do | :16:29. | :16:32. | |
everything we can to get our economy moving. The Government's | :16:32. | :16:38. | |
been talking for months about using Britain's low long-term interest | :16:38. | :16:43. | |
rates to underwrite building more homes. Are you in effect saying | :16:43. | :16:46. | |
that the British Government is contemplating building their way | :16:46. | :16:50. | |
out of this crisis? Let's be clear about what we can't do and what we | :16:50. | :16:54. | |
can. What we can't do is go on some spending and borrowing spree. You | :16:55. | :16:59. | |
can't borrow your way out of debt. What we can do is use the fact that | :16:59. | :17:02. | |
because of our credibility, we have record low interest rates, what we | :17:02. | :17:07. | |
can do is make sure we pass those low interest rates onto businesses, | :17:07. | :17:11. | |
onto home owners, make sure we go ahead with the infrastructure to | :17:11. | :17:15. | |
help our economy and get houses built in Britain again. David | :17:15. | :17:20. | |
Cameron is sounding just a little more optimistic about the eurozone | :17:20. | :17:23. | |
sorting itself out. Are you confident, after your talks, that | :17:23. | :17:28. | |
the EU will now bail out not just Greece, but the big economies like | :17:28. | :17:31. | |
Spain and Italy, who need to be bailed out if this eurozone crisis | :17:31. | :17:37. | |
is to end? I'm confident that they know how serious the situation is | :17:37. | :17:41. | |
and they know that if they don't use all the instruments, all the | :17:41. | :17:45. | |
institutions of the eurozone to stand behind their currency, they | :17:45. | :17:48. | |
will face real problems. It's sometimes frustrating that they | :17:48. | :17:52. | |
have to get so close to the brink before they take the steps | :17:52. | :17:55. | |
necessary. David Cameron is confronting the likelihood that | :17:55. | :17:58. | |
even though the global economic situation didn't get worse this | :17:58. | :18:04. | |
week, it may not get better for a very long time and this as news | :18:04. | :18:08. | |
comes from home that his Cabinet Secretary, Sir Jeremy Heywood, has | :18:08. | :18:11. | |
predicted that spending cuts could last not just seven or eight more | :18:12. | :18:21. | |
:18:22. | :18:24. | ||
years, but maybe ten. Coming up on tonight's programme: High hopes at | :18:24. | :18:27. | |
England's Euro 2012 camp. But the goal that wasn't raises new | :18:27. | :18:35. | |
questions about the use of goal- line technology. | :18:35. | :18:38. | |
A major United Nations conference featuring more than 100 world | :18:38. | :18:42. | |
leaders has opened in Brazil to chart a new more sustainable course | :18:42. | :18:47. | |
of development. It's 20 years since Rio hosted the Earth Summit and the | :18:47. | :18:50. | |
UN secretary-general, Ban Ki-Moon today warned that time was running | :18:50. | :18:53. | |
out for the planet and complained that progress in the past two | :18:53. | :18:56. | |
decades had been far too slow. Our science editor David Shukman looks | :18:56. | :19:02. | |
at the challenges ahead. Scientists are warning that we're pushing the | :19:02. | :19:06. | |
planet beyond its natural limits, that economic growth is exacting a | :19:06. | :19:10. | |
cost on the environment, that can't go on without jeopardising the | :19:10. | :19:15. | |
chances of future generations. The talks in Rio this week, 20 years | :19:15. | :19:19. | |
after the famous Earth Summit, are about charting a new, more | :19:19. | :19:21. | |
sustainable course and the event began with an appeal from a | :19:22. | :19:29. | |
teenager. You have 72 hours to decide the fate of your children, | :19:29. | :19:36. | |
my children, my children's children. APPLAUSE | :19:36. | :19:39. | |
A key theme of the summit is that the natural world isn't just nice | :19:39. | :19:44. | |
to look at, people actually depend on it. A rainforest like this helps | :19:44. | :19:49. | |
create rain and the water supply goes to farms and cities and | :19:49. | :19:53. | |
generates electricity. Lose the forest and you risk all that. | :19:53. | :19:58. | |
Getting a meaningful agreement on this is proving difficult. So | :19:58. | :20:02. | |
what's set to be agreed here by the leaders at this Rio+20 Summit this | :20:02. | :20:07. | |
week? First, a plan for so-called sustainable development goals, | :20:07. | :20:11. | |
though these haven't bb defined. A promise to protect the oceans, but | :20:11. | :20:15. | |
again there's little specific. And a commitment to measure well being, | :20:15. | :20:25. | |
beyond the usual economic numbers of GDP. | :20:25. | :20:27. | |
Today the Deputy Prime Minister. David Cameron and Barack Obama are | :20:27. | :20:31. | |
among the leaders not here. The negotiations have watered | :20:31. | :20:36. | |
everything down. When you're dealing with over 190 countries | :20:36. | :20:39. | |
around the negotiating table, you've got a problem, which is to | :20:39. | :20:43. | |
get everyone to agree, you end up diluting things so that everybody | :20:43. | :20:49. | |
agrees an the end result is more insip ID than you'd like. | :20:49. | :20:53. | |
Expectations had been high that this summit might forge a new | :20:53. | :20:56. | |
relationship with the planet. Instead of acting together the | :20:56. | :20:59. | |
countries have fought over who should take responsibility. And the | :20:59. | :21:03. | |
result - all the talk of saving the planet will be followed by more | :21:03. | :21:10. | |
talk. The Burmese opposition leader Aung | :21:10. | :21:14. | |
San Suu Kyi has received an honorary degree from Oxford | :21:14. | :21:19. | |
University, 19 years after the award was made. She received the | :21:19. | :21:26. | |
doctorate on her second day of her visit to the UK. | :21:26. | :21:30. | |
Vince Cable, the Business Secretary, has set out plans to deal with | :21:30. | :21:34. | |
excessive pay in the boardroom. He wants to force companies to hold | :21:34. | :21:37. | |
shareholder votes every three years on the remuneration of senior | :21:37. | :21:42. | |
executives. But Labour accused him of diluting the proposal by | :21:42. | :21:48. | |
abandoning plans for annual votes. Robert Peston has the details. | :21:48. | :21:52. | |
Money, rewards for bosses of FTSE 100 companies rising six times | :21:52. | :21:57. | |
faster than most people's pay. The owners, shareholders have been | :21:57. | :22:01. | |
protesting with big votes against executive pay at William Hill, | :22:01. | :22:05. | |
Aviva, Barclays and WPP among others. So the Business Secretary | :22:05. | :22:10. | |
is giving investors more power to force restraint. Today, I can | :22:10. | :22:13. | |
therefore announce a far-reaching package of reforms that will | :22:13. | :22:17. | |
strengthen the hands of shareholders to challenge excessive | :22:17. | :22:21. | |
pay. The executive pay reforms include a binding vote at least | :22:21. | :22:26. | |
every three years on how and how much top executives are paid. No | :22:26. | :22:29. | |
golden goodbyes to failed boss that's haven't been approved by | :22:29. | :22:33. | |
shareholders and the publication every year of a single figure | :22:33. | :22:38. | |
combining all elements of boss rewards. That would have shown pay | :22:39. | :22:43. | |
of �11.3 million for David Brennan, who recently quit of chief | :22:43. | :22:49. | |
executive of Astra Zena. �11.6 million for Sir Martin Sorrell of | :22:49. | :22:54. | |
WPP. And �21 million for Barclays Bob Diamond. Vince Cable should | :22:54. | :22:58. | |
have had an annual shareholder vote. He could have done a few other | :22:58. | :23:03. | |
things, like put an employee on the remuneration committee on -- of the | :23:03. | :23:07. | |
board. It's been ten years since investors in the City were first | :23:07. | :23:13. | |
given a formal say on pay. Now since then, bosses rewards have | :23:13. | :23:19. | |
gone through the room, quadrupling in the past year. When I talked to | :23:19. | :23:22. | |
those in boardrooms who set the pay, they say they completely understand | :23:22. | :23:27. | |
public anger about all this, but they also say they have to pay the | :23:27. | :23:33. | |
going rate. Bosses will try to show restraint, says the President of | :23:33. | :23:37. | |
the business lobby group of CBI who is also a boardroom eminence. | :23:37. | :23:42. | |
will help focus the minds of those that do pay themselves too much | :23:42. | :23:45. | |
that there's a social responsibility here, which | :23:45. | :23:50. | |
Government are focused upon and business must enact. As for the | :23:50. | :23:54. | |
investors who've been revolting in their so-called shareholder spring, | :23:54. | :23:58. | |
have they now got a taste of humiliating top company executives? | :23:58. | :24:02. | |
I don't think you can expect a shareholder spring every year. | :24:02. | :24:05. | |
These companies we're talking about, they're major providers of growth | :24:05. | :24:08. | |
and jobs for the British economy and we want them to be able to get | :24:08. | :24:12. | |
on with that and get on with what they do well. Theened of big bucks | :24:12. | :24:17. | |
in the boardroom? No chance. Maybe the start of rewards more closely | :24:17. | :24:20. | |
linked to wealth creation for the millions who own British companies | :24:20. | :24:26. | |
in their pension savings. England's footballers returned to | :24:26. | :24:31. | |
their Polish base today to prepare for the quarter finals of Euro 2012 | :24:31. | :24:34. | |
after beating Ukraine last night. The match included that | :24:34. | :24:37. | |
controversial decision not to award a goal to Ukraine. FIFA's President | :24:37. | :24:41. | |
said today that goal-line technology was now a necessity. Our | :24:41. | :24:47. | |
sports editor, David Bond, reports. England united for the first time | :24:47. | :24:51. | |
in years, the country's footballers seem to be pulling in the same | :24:51. | :24:55. | |
direction. Victory over Ukraine might have been a bit fortunate, | :24:55. | :25:00. | |
but these players are now daring to dream. Happy to still be here, | :25:00. | :25:04. | |
England's players were in a generous mood as they returned to | :25:04. | :25:08. | |
their Krakow base today. Wayne Rooney summed up the spirit in the | :25:08. | :25:14. | |
camp, writing on his Facebook page, he said "It feels great to be part | :25:14. | :25:17. | |
of the tournament at last and delighted to get a goal. I can't | :25:17. | :25:20. | |
ever remember feeling happier to score for England, so proud to be | :25:20. | :25:25. | |
part of this team." For the Football Association, it's | :25:25. | :25:29. | |
vindication of their approach after things went so badly wrong at the | :25:29. | :25:32. | |
World Cup in South Africa. There's a lot of positive feed back coming | :25:32. | :25:36. | |
from the players. That's the most important thing. It comes from | :25:36. | :25:40. | |
within. We've hopefully learned from previous turnaments and taken | :25:41. | :25:45. | |
some of the good bits and added new parts to that. England's unexpected | :25:45. | :25:49. | |
success has been put down, in part, to their decision to base | :25:49. | :25:54. | |
themselves here in Krakow, a move which has helped the team shed | :25:54. | :25:57. | |
their untouchable tag. Their progress to the quarter finals can | :25:57. | :26:02. | |
also be explained by a healthy dose of luck. | :26:02. | :26:08. | |
Television replays showed this goal from Marko Devic crossed the line | :26:08. | :26:12. | |
before John Terry's clearance. Unlike the 2010 World Cup this time | :26:12. | :26:17. | |
England were on the right end of a goal-line controversy. Sepp Blatter | :26:17. | :26:21. | |
might be a late convert, even he now supports the need for change. | :26:21. | :26:25. | |
He said on Twitter "After last night's match, goal line technology | :26:25. | :26:29. | |
is no longer an alternative, but a any." | :26:29. | :26:34. | |
Up to now, UEFA have opposed that. But today they admitted they'd got | :26:34. | :26:40. | |
it wrong. The ball crossed the line. That was unfortunately a human | :26:40. | :26:47. | |
mistake made by a human being. Ukraine's misfortune won't have | :26:47. | :26:51. | |
gone unnoticed at Italy's training camp. These players present England | :26:51. | :26:56. |