Hester wasn’t going to get his hands on his bonus for over a year, it wasn’t even going to come directly from treasury funds and most of it would have ended up in Treasury coffers, yet this morning £320m has been wiped off of the value of the British taxpayers’ forced investment. With mob mentality over-ruling contracts, there are obvious jitters around the banks this morning.

Despite the cost, as well as the glaring hypocrisy of sitting in the cabinet that drew up Hester’s contract, this is a short-term political win for Miliband. At the beginning of the year Guido explained how the Labour leader was planning on adopting a role similar to that taken by George Osborne in opposition. It’s all about timing…

This submarine strategy will see Ed only surface for key fights, such as he has done this weekend. It has paid off today, but is Ed really planning on spending his entire career as Leader of the Opposition waiting for events to try to react to first? Miliband-wagon…