pre-Budget report

There is some furious tax planning afoot at the Treasury. The goal: a one-off levy on bankers that will limit the political damage from that champaigne-guzzling, Porsche-buying, loads-a-money bonus pay-out moment.

It will attempt to placate the baying mob rather than pay down the deficit. But in order for this to work, bankers need to feel the pinch. Announcing a clampdown that includes a big loophole will be a PR disaster for Alistair Darling. Read more