"We need to get behind our wealth creators" says David Cameron. He’s as good as his word. City bankers are to get £7bn in bonuses and they are to be taxed at a rate of only 50% on payouts that average £70 000 to the recipients,.

What the obvious thing to do here? Is it to cut benefits or is it to levy a 98% tax on these payments? Or maybe even 99%.

This might be a controversial opinion but allowing the bankers to keep 2% continues to “incentivise” them to carry on with their socially useless work and gives them the warm glow that comes from chipping in for the common good. Why, oh why has no one suggested this to George Osborne?