Rewarding failure – by Brian Binley MP

portrait-brianbinley-2.jpgCan you believe that Mr Adam Applegarth, the recently retired Chief Executive of Northern Rock, was rewarded with a payment of £785,000 for one of the worst bank failures in the modern history of banking.

Can you believe that Mr Peter Gould, who left the employ of Northamptonshire County Council after seven years of achieving little progress in the provision of services was rewarded with a £97,000 a year index-linked pension and a £291,000 lump sum payment thanks to an early years buyout which cost the County Council some £600,000.

How have we arrived at this situation where we reward failure in such a spectacular manner?

If the business I founded in 1989 and which now employs 140 people had failed, I would have lost not only my income but at the time would also have lost my house, which I had used in support of a bank loan.

The difference between public bodies and large companies, and small businesses in this respect is both marked and unacceptable and the Conservative Party needs to recognise that fact and do something about it if we are to be seen as a business friendly party which rewards successful performance.


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