At least when Digby Jones was a member of the government he was bound by collective responsibility, even if from time to time he stretched it rather more imaginatively than most.

But today he has popped up on the BBC News Channel as the ambassador for the Prime Minister’s Economic Advisory Committee. He looks like he is now an official loose cannon.

But he win’s today’s coveted ‘They Just Don’t Get It’ award for his defence of past city bonuses, and his view that today’s financial package should not stop them. Today’s CBI leadership recognises that city bonuses did drive excessive risk taking because it rewarded risks that went right, without any bad consequences for risks that went wrong.

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