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Clegg pledges executive pay review

Executives in the British banking industry could be set to see their salaries come under scrutiny in the near future, it has emerged.

Deputy prime minister Nick Clegg has pledged that action will be taken to address the issue of unwarrantable levels of pay being enjoyed by senior officials in the private sector at present.

Speaking on the BBC's Andrew Marr Show, Mr Clegg said the government is planning to unveil new measures to tackle this problem in the early stages of 2012 and stressed that greater transparency is needed in this area.

"Just as we've been quite tough on unsustainable, unaffordable things in the public sector, we now need to get tough on irresponsible and unjustifiable behaviour of top remuneration of executives," the minister stated.

Last week (28 November), research by recruitment firm Astbury Marsden found that professionals operating in the City of London expect an average bonus of 24 per cent on top of their typical salary of £83,000 this year.

By Gary Cooper