We have a really rich and diverse heritage in my family - but I sometimes felt it was a bit of a chain round my neck in the Labour party if truth be told.

While we are clear that it is right that those who work hard, generate wealth and create jobs for our country are rewarded, where failure is rewarded or people award themselves huge pay rises that bear no relation to performance or what their companies can bear, trust is severely undermined.

Excessive pay and rewards for failure are bad for shareholders, the economy and society.

Chuka Umunna Quotes