On Radio 4 last night, Labour lobby fodder Jamie Reed revealed the solution to reforming the entire welfare state and recalibrating handouts depending on what people have paid into the system in the past. This huge, costed and clearly well thought out overhaul announced by Labour at the weekend will be paid for by, you guessed it, a tax on bankers’ bonuses:

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Now correct Guido if he is wrong, but haven’t Labour already promised to spend money raised from a tax on bankers’ bonuses? He recalls promises to use it to reverse the VAT rise, increase capital spending, reverse Child Benefit cuts, reverse cuts to other Tax Credits, boost the Regional Growth Fund, turn empty shops into community centres and build more houses. After this thirty billion splurge, and the fact bankers’ bonuses have been severely squeezed, how much money does Jamie think will be left over?