Alistair Darling, explaining that the downside of reduced bonuses in the City is reduced tax revenues, said (on the Andrew Marr show this morning):
"that's why our income as a country has gone down".
No Alistair. That's why your income as a government has gone down. Government income is not the same thing as national income, and government is not the same thing as country. This confusion is at the root of the Labour delusion.
Or are you claiming that City bonuses drove national income? And if so, why are you trying to make dramatic reductions in City bonuses?