Peter Hain threatens City bonuses

Despite their attempts to pretend otherwise, the green-eyed monster is alive and well in the Labour party. Here is this story from The Sunday Times:

Peter Hain, who is bidding to become Labour’s next deputy leader, has threatened government curbs on “grotesque” City bonuses ... . He is warning that unless Britain’s business community shows more restraint in the pay and perks of top executives, the government should intervene to regulate them.

Exactly what business is it of Mr Hain's and the Government's what a company, accountable to no one but its shareholders, chooses to pay its executives? And this from a Government that has done its utmost to stifle private enterprise. This Government has subjected business to the most complicated, burdensome tax regime ever. On top of that, it has taxed it heavily, regulated it highly, and raided its pension funds. So much so that warnings are increasingly being sounded about the increasing appeal of other countries (see here, here and here). These businesses deliver high taxes to the Treasury, which are then wasted in typical New Labour fashion. Not content with all that, they are now turning their interfering gaze to boardroom pay.

Peter Hain is standing for Deputy Leadership of the Labour Party, and no doubt knows that this sort of talk goes down well with the Party faithful. This is nothing but the politics of class envy, playing to the baser instincts of his Party members. And this from a Cabinet minister in a so-called 'modernising' Government. He should be thoroughly ashamed of himself.