THE FAT CATS

Eric Daniels Lloyds TSB chief executive has told his staff that they will still receive their bonuses despite the nationalisation of the bank. In a recorded message to employees, referring to the possibility of restrictions being placed on Lloyds as a result of the £5.5billion of taxpayers' money they have received, Mr Daniels said:

'If you think about it, the first restriction was not to pay bonuses. Well Lloyds TSB is in fact going to pay bonuses. I think our staff have done a terrific job this year. There is no reason why we shouldn't.'

Gordon Brown had indicated that bonuses, in future, should only be paid if they had been earned. So speaks a socialist.

Irrespective of whether someone deems the bonuses to have been earned, they cannot be paid if there is no money. Lloyds, it seems, regards using taxpayers' money to pay bonuses to an insolvent bank as perfectly acceptable.

It is not.