Much has changed over the last year, not least a doubling of that initial capital injection, but there’s a complex truth in the view that bankers generally get rich by getting it right [1]. Stop them getting rich in the UK and they’ll walk, as UKFI – which oversees the government’s stakes in the banking sector – has admitted. It says it is ‘walking a tightrope [2]' by seeking to limit bonus payouts at recovery banks while trying to stop talented staff leaving.

Everyone’s on a bit of tightrope regarding the Chancellor's Budgetary intentions. MacIntyre Hudson’s annual predictions for the pre-budget report make great reading and as usual we’ve been running a book on the form [3]. The PBR's been pushed back again and our date with Darling is now December 9. That's very late. Certainly late enough to ensure Parliament doesn’t have much time to debate the PBR in any detail before the Christmas break on December 17.

The changes to VAT are coming all too soon for most businesses and there important and costly decisions [4] to make on that front over the next few weeks. Ditto pensions, which are now one of the most costly [5] and divisive issues facing EU politicians, employers and trades unions.