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FTSE 100 firms accused of 'breathtaking cynicism'

14th September 2009

FTSE 100 executives have come under fire after it emerged that their salaries have increased despite the economic downturn and subsequent recession.

A poll by the Guardian revealed that full and part-time directors at the UK's top firms shared more than GBP 1 billion between them over the last 12 months.

Salaries were found to have risen by ten per cent compared to a 3.1 per cent average for ordinary workers in the private sector.

Speaking to the newspaper about the findings, Liberal Democrat Treasury spokesperson Vince Cable said: 'The Guardian's analysis shows the breathtaking cynicism involved in a lot of executive pay deals, which are unrelated to either personal or corporate performance and involve people who are very well off helping themselves.'

The findings have been published following an interview by the Daily Mail with Financial Services Authority chairman Lord Turner, in which he claimed that a 100 per cent tax rate could be imposed on bonuses if that is what people want.

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