Pre-Budget Report

Does my right hon. Friend really believe that a one-off, short-term bonus tax is sufficient to achieve his aim of permanently changing City culture? How does he justify the prospect of cutting public services and still not imposing a windfall tax on banks, when those bank profits have been fortuitously inflated by quantitative easing, by the offsetting of £80 billion of past losses against tax, by the elimination of rivals in the financial crash and by a vastly expanded market in Government bond sales?