Hundreds of millionaire bankers will enjoy an extra £54,000 on average each year from 6 April 2013, thanks to a cut in the top UK tax rate (assuming they pay taxes here and opposition calculations are correct). A massive state bailout previously saved many banks, after their sector triggered an economic crisis in which numerous taxpayers suffered. By coincidence, Mick Philpott – whose crimes are being exploited by the Chancellor and Prime Minister to undermine the principle of social security – also apparently received £54,000 a year from public funds.

On Radio 4's Today programme this morning, Iain Duncan Smith was asked if he could live on £53 a week. His response perfectly illustrated the moral vacuum which is at the heart of our politics.