The bankers' levy announced by the coalition government is pathetically small compared to the amount UK taxpayers are owed for the financial crash and barely covers the cost of the corporation tax cut the Chancellor is giving the banks.

As TUC General Secretary Brendan Barber said - 'Begging bankers to shell out small change from their bonus pool falls well short of the action needed to reform our finance sector so that it can start to serve the wider economy again, rather than the other way round. Rather than set alarm bells ringing in the City, this levy will be met with the sound of clinking champagne glasses.'

The predictable way in which the Chancellor is sucking up to the banks should act as a clarion call to those involved in the anti-cuts protests. Many of the problems we face were caused directly by the banks – and RBS in particular – and they should now bear the brunt of our protests. UK UNCUT has already started the process with its actions against HSBC, Barclays and Lloyds. It is vital that we step up these protests.