Below is the text of Mr Major’s written Parliamentary Answer on Directors’ Pay on 12th July 1989.
Mr. Devlin To ask the Chancellor of the Exchequer, pursuant to the answer to the hon. Member for Beverley (Mr. Cran) of 4 May,Official Report, column 352, what further advice he has given or intends to give on the effects on industrial competitiveness of excessive pay rises for directors of large companies; and if he will make a statement.
Mr. Major Pay is for the parties involved to agree and not for the Government to intervene. But clearly pay rises for directors, workers or anyone else must not be above what can be afforded.