Brussels is wrong to cap bankers' bonuses, just as it was wrong to propose a financial transactions tax a few months ago. Its thinking, however, is along the right lines; having failed to manage their businesses responsibly, bankers need to be kept on a tight leash.

Appointing a trader to run Barclays, one of Britain's finest retail banking names, was a big mistake

Four years on from the financial crisis and a year since the Vickers Commission reported and there's no evidence that the worst culture and practices in banking have changed.

One of the things Sir John Vickers got absolutely right in his report on the banking industry - issued yesterday - was the scale of the regulatory reform that was already under way.