Benefit cheats, binge drinkers and lap dancers – one may soon be able to add banks to the list of populist targets for UK legislative action. A year ago, politicians lauded the City of London and its financial institutions for their dynamism and wealth creation. No longer. As Britain slides into what could be a deep and prolonged recession, bankers are becoming public hate figures. Labour and the opposition Conservatives sense the anger. Both the main political parties are struggling with their response.

If Gordon Brown, prime minister, hoped to articulate one message in Wednesday’s Queen’s Speech, it was this: he is taking action to tackle the recession; the Tories are not.