When the Daily Mail and Polly Toynbee are united in self-righteous anger, be afraid

By Bagehot

WELL that is helpful timing. It is bank bonus season. And there was the government, wriggling like a lugworm on a hook as the press and opposition politicians raged at the idea of paying millions of pounds in bonuses to bosses at the Royal Bank of Scotland, a semi-nationalised and expensively bailed-out institution.

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