I have never been happier to be a Russian taxpayer. We pay 13% flat tax and the Kremlin is talking of cuts to stimulate the economy in the face of the financial crisis. On the other hand, both my children are on course to become British taxpayers. I hope I can talk them out of it. Those of you in that sad position will work for many years to pay for this nonsense. If you insulate people (not just greedy bankers, but the foolishly greedy people who over-borrowed to go into buy-to-let or remortgaged to pay for short-term expenditures) from the consequences of their actions, you promote levels of irresponsibility which will bring you back to this point over and over again.