For heaven’s sake Alistair – what did you expect?

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Alistair Darling says, according to the FT, of his banker’s bonus tax:

“I think it will be a one-off thing because, frankly, the very people you are after here are very good at getting out of these things and . . . will find all sorts of imaginative ways of avoiding it in the future,” Mr Darling said at a financial services conference sponsored by Nomura, the Japanese investment bank.

Well, that’s a staggering insight. And I am sorely tempted to say “I told you so”.

There were always vastly better ways to tax banks to change behaviour. A one off levy was never going to be one.

It succeeded in raising revenue — which was good — but it was never going to achieve more.

Now let’s move on and tackle the agenda I set out in Taxing Banks. That will tackle the problem for the benefit of us all. We could start with a financial transaction tax‚Ķ..