The Chancellor’s go-to soundbite was “Compassionate Conservatism”, so I asked whether he thinks it’s morally justifiable to scrap the cap on bankers’ bonuses whilst refusing to increase welfare benefits in line with inflation?

Their mad-cap trickle-down experiment is far from over.

Stephen Kinnock: Does the Chancellor think that it is morally justifiable to lift the cap on bankers’ bonuses while refusing to confirm that he will link benefits to inflation?

Jeremy Hunt: I understand why the hon. Gentleman has asked the question. I believe that wealthier people should pay more as we go through a difficult period, but the mechanism of the cap, with which we were doing that, was not working. We will get more money out of the pockets of those rich bankers through what we are going to do now.