Legal & General boss backs Andy Haldane's attack on City short-termism

Nigel Wilson says companies should not pay out cash to shareholders at expense of long-term investment, echoing view of Bank of England's top economist

The boss of Legal & General has backed a call by the Bank of England's chief economist for companies to invest for the long term instead of paying out cash to feed the short-term demands of shareholders in the City.

Nigel Wilson, the chief executive of one of the biggest investors in the UK stock market, said his investment management arm would take a hard line with bosses who put a higher priority on payouts to shareholders than ensuring the future health of their companies.

Related: Shareholders receive too much money from business - Bank's chief economist