Vince Cable demands cap on housebuilders' bonuses

By Hamish Champ2018-10-16T06:00:00

Source: Shutterstock

Lib Dem leader says senior executives are profiting from Help To Buy activity

Vince Cable, leader of the Liberal Democrats, has called for a new scheme to cap bonuses paid out to executives at UK housebuilders who benefit from the government’s Help To Buy programme.

In a letter to Stewart Baseley, executive chairman of the Home Builder’s Federation (HBF) and seen by Building, Cable – who has called for the scrapping of the Help To Buy initiative – said companies were profiting from the taxpayer-funded scheme and executives were reaping excessive payouts, citing the “disturbing” case of Persimmon, whose chief executive Jeff Fairburn earlier this year pocketed a bonus of £110m.

Cable said executives were being rewarded, in part, as a result of a government support programme “as opposed to executive initiative”.

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