FAT CATS BILL BLOCKED BY LABOUR

12.00.00am GMT Mon 3rd Feb 2003

The Fat Cats Bill introduced by Archie Norman MP has been refused time by the Labour Government, scuppering efforts to reform the golden handshake system which sees failed executives walking away with millions.

Vince Cable MP, Liberal Democrat Shadow DTI Secretary, slammed Labour for bottling out.

More alarming, it has been suggested that the Government wishes to forestall discussion of the massive payoff received by ex-British Energy boss Robin Jeffrey who is set to get up to £500,000 this year plus a massive pension after running the nuclear power provider into the ground - all paid for by the tax payer.

Dr. Cable said: "It is outrageous that Labour is blocking an attempt to address the worst abuses in business - the enormous pay offs for failed executives that impact on shareholders and taxpayers."

"The same Government who gave us the windfall tax now refuses to even discuss the issue of Fat Cats."