There is a strong case to be made that Stephen Hester, the chief executive of Royal Bank of Scotland, does not deserve his £998,640 bonus. In truth, he may well deserve more.
Invoke conservatism and some general lines about state interference and slippery slopes. Invoke the arbitrariness of concern for pay here but nowhere else. Invoke libertarianism. But don’t, ever, invoke fucking meritocracy. Simply staggering.