Former Labour leader Ed Miliband has goaded Theresa May's Government over its plans to curb excessive corporate pay.

Forcing firms to reveal the pay gap between CEOs and average workers and measures to give workers a say on the earnings of bosses are among initiatives set to be unveiled by ministers.

The Prime Minister promised to tackle corporate greed when she came into power in July and a green paper which will be published on Tuesday includes proposals to:

:: Force companies to publish pay ratios that show the difference in earnings between the chief executive and an average employee

:: Improve the effectiveness of pay committees and the extent to which they must consult shareholders and the wider company on pay


:: Introduce binding votes on executive pay packages

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As part of proposals to reform remuneration committees, the Government is also considering whether employees' representatives should be given an advisory role.

Mr Miliband responded to the proposals by appearing to make an ironic statement on Twitter about the policy, which some have pointed out has similarities to one he had put forward in 2012.

He tweeted: "More Marxist anti-business ideas. These Tories...." with a link to an article in the Sunday Telegraph about the Government's plans.

Mr Miliband was accused of creating an "anti-business culture" by then-chancellor George Osborne after Labour said it would force a vote on bonuses due to be paid to bosses at state-owned and part-nationalised firms, including RBS and Network Rail.

The opposition's ex-leader told an audience at Sheffield University at the time: "Tackling excessive executive pay and bonuses is not an end in itself but a necessary first step towards a bigger change in our economy in which people get fair rewards for their contribution at every level of society."

More Marxist anti-business ideas. These Tories.... https://t.co/TkL5fWF8wk — Ed Miliband (@Ed_Miliband) November 26, 2016

Work and Pensions Secretary Damian Green told Sky News that the Government proposals were "slightly different" from Mr Miliband's.

It is the second former Labour policy which the Government has been accused of copying, after Philip Hammond unveiled plans in the Autumn Statement to crack down on letting agency fees - something Labour proposed in 2015.

Government officials believe employees' representatives could explain to remuneration committees the impact on the wider workforce of high levels of remuneration for top executives.

Pay for the CEOs of FTSE 100 companies increased from an average of £1m in 1998 to £4.3m in 2015, far outstripping the growth in average pay.

A No 10 source said: "The UK has led the world in corporate governance, but our strong reputation can only be maintained if government and business regularly reviews and upgrades our governance.

"Good governance helps companies take better decisions, for their own long-term benefit and the economy overall - ensuring public trust in British business and making sure the UK is the best place in the world to do business."

Executive pay comes under the spotlight

It comes as a report backed by Bank of England chief economist Andy Haldane cautioned against binding votes of remuneration for chief executives and public pay ratio figures.

The report acknowledged that reform is necessary, but insisted: "Good CEOs remain good value".

During her first speech to a CBI conference last week, Mrs May appeared to water down plans to put workers on company boards.

Despite making the pledge during her campaign to become prime minister, Mrs May insisted the measure would not be about forcing companies to put workers on boards but about firms finding a "model that works for everyone."