PRESS DIGEST - Financial Times - Nov 13

PAY GAP FOR WOMEN NARROWS TO 22 PERCENT

Figures published by the Office for National Statistics show the gender pay gap in Britain narrowed by 0.5 percentage points to 22 percent last year. The pay gap for the public sector narrowed by one point to 21 percent, but in the private sector it increased by 0.7 points, leaving women being paid an average of 28.8 percent less than men. Harriet Harman, minister for women and equality, said she welcomed the overall narrowing but insisted it was "disappointing to see the private sector fall even further behind the public sector."

RED TAPE DELAYS NEW COMPANIES

The Conservative Party has accused the government of making a "complete mess" of the implementation of the Company Act 2006 after it was revealed that thousands of new start-up companies are witnessing a delay in their applications. John Penrose, the shadow business minister said: "It's appalling that with so many businesses going bust every single day the government is making it so much harder for new ones to start up". In response to the accusation, Ian Lucas, the business minister, said the delays are down to "data processing issues, customer and staff lack of familiarity with new requirements, and initial issues with system performance."

MYNERS BACKS INSURERS OVER EU CAPITAL RULES

Lord Myners, the City minister, is calling for the government to renegotiate proposed EU regulation in order to protect the rights of British pensioners. Speaking at the Association of British Insurers on Thursday, Myners said: "The government has a social duty to the pensioners and future pensioners of the UK, and the industry has a robust technical basis for its concerns." The EU's Solvency II rules, due to take effect in 2012, are intended to set the capital requirements of insurers at a uniform rate, but the industry fears that complicated changes to annuity rates will discourage people from saving.