At last. Bank bonuses banned!...

...and Vince Cable on New Labour's ballet with Britain's financial aristocracy.

It's never too late. At last, after much dithering, the British government decided to follow the American example and banned bonuses in the banks where the state bought a stake. Small extra payments will only be paid out to junior workers.

Employment minister Tony McNulty was finally spelling out the words every Briton wanted to hear. "I would draw the line between senior managers, board members, executives, those responsible for the business model and strategy that got them into the mess, they shouldn't get a penny," he said.

This comes in the wake of the disastrous news about the need for more taxpayer-funded bail-outs "after massive and unexpected losses were disclosed by Britain’s new superbank".

In the meantime, today's excellent article by the Liberal Democrat Treasury spokesman Vince Cable sheds some light on the incestuous relationship between New Labour and the banking elites. It was festering until the other day. Very few took notice.