It will form a key part of George Osborne’s Budget as he seeks to force the City to play a “fair” part in cutting the deficit.

Osborne has made clear he will impose an open-ended levy of at least £1bn a year (predicted to be more like £3bn), even without securing a global agreement.

Other downers expected will include an increase in capital gains tax and rises in cigarette and alcohol duties and a change in aviation tax.

At least its sunny.