Osborne "bows to rich and powerful"

Alan Johnson has said George Osborne "bows to rich and powerful whilst bearing down on everyone else" as the row on bankers' bonuses continues. A Lib Dem backlash is expected.

The BBC's Business Editor Robert Peston says the outgoing chief executive of Lloyds Banking Group Eric Daniels is in line for a bonus of about £2m this year. This came on top of recent reports that Stephen Hester, boss of the Royal Bank of Scotland which is 84% taxpayer-owned, could receive a £2.5m bonus.

While Alan Johnson is making a powerful speech, lets not forget what happened under Labours watch. Labour did little to regulate bankers' bonuses - at a time when Ed Miliband was working at the Treasury. The rich got very very rich, equality is down. Is it a surprise things will get even worse with the Tories, time for something different.