If you’re going to slag off bankers, at least pick the right bankers.

Political and media fury over bonuses for staff at Northern Rock hit the wrong target entirely. The 4,000 or so employees who stand to receive a 10 per cent boost in their pay packets today are scarcely “fat cats”. They are the rank-and-file staff who have worked hard to keep Northern Rock going, in line with the original mandate from the government to shrink the balance sheet and repay our £27bn loan. The only objection that could be raised to the bonus plan is that the initial incentive it offered was weak: by the time it was announced last October, the Rock had already easily surpassed the first target for a bonus.