Minister encourages City firms to donate bonus funds to charity
Howard Lake | 15 February 2007 | News
Cabinet Minister Peter Hain is encouraging wealthy City firms to donate two-thirds of their bonus funds to charity to help reduce social inequality.
The Northern Ireland Secretary told the Sunday Telegraph that “we’ve lost a sense of moral corporate responsibility here” with “four thousand City workers receiving more than £1m each in bonuses,” as they did over Christmas 2006.
Mr Hain is standing for Labour’s vice-leadership. He argued that two-thirds of the £8.8 billion given in bonuses at the end of 2006 should be given to charity or inner-city regeneration projects. If no action was told he suggested that new legislation or tax changes could be introduced, turning it into a “big fight”.
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About Howard Lake
Howard Lake is consultant editor of UK Fundraising. He founded the site in 1994 and successfully sold it in 2022. As director of Giving X Ltd he is exploring growing giving on a massive scale.
He is the founder of Fundraising Camp and co-founder of GoodJobs.