The government and opposition have agreed to pass a constitutional limit on public sector borrowing as parliament discussed further austerity measures designed to cut the deficit to 6% of economic output this year, compared to 9.2% in 2010.
US executive salaries to be capped
US President Barack Obama has announced a ‘cap’ on executive pay for companies who are applying for government assistance, or ‘bail out’ money as it has become known. The President believes it is ‘shameful’ the way some firms, particularly banks, were awarding themselves huge bonuses at the same time as asking the government for money to keep them afloat.