No Disruptive Top-Down Reforms

Another foreigner with a funny name has joined the hue and cry against Britain's deserving poor. Philippe Lamberts, a Euro-wog who conspired in the drafting of legislation to restrict bankers' bonuses, has called for the EU to sue the British government over its connivance in allowing the City to sidestep the rules. The EU restrictions limit bonuses to a mere hundred per cent of salary with or without the shareholders' approval, or twice that if the shareholders agree; so executives are being administered their financial bloat in share awards in order that they may be spared the cuisine of their local food banks. RBS, which is largely owned by the British taxpayer, has paid out more than five hundred million in bonuses; partly because recent losses have been restricted to fourteen times that much, but mostly because the British taxpayer is a mug. Meanwhile, the governor of the Bank of England has written a letter promising a bit more talk; which obviously will improve matters no end.