It has just been announced that France is to introduce legislation to restrict the pay of its company executives.
Always good to see our friends across the Channel showing their true lefty credentials - so much for Sarkozy being a man of the right.
It's a terribly misguided populist measure that will do nothing to remedy the lack of liquidity in the financial system. Pay levels should be left to the market and shareholders.
What's interesting for us in the UK is that this is bound to put Brown in a spot of bother. The loony left in the Labour Party that have never been comfortable with 'New Labour' will undoubtedly call for Brown to take similar steps to Sarkozy's France. Brown will reject these calls i'm sure, but it will be further confirmation that the Labour Party is yearning to return to its 'Old Labour', traditional roots.
God help us...
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