"will discourage quality people from contributing to the wealth of the country and to our emergence from this terrible recession".
But surely it was the self-same "quality people" that got us into this mess by following the orders of their leaders - the former "masters of the universe" who didn't understand what they were driving their underlings to sell and acquire on markets bloated by securitised debt.
As for the argument that runs: "we have to pay them because it's in their contract" - has Parliament forgotten that it's supreme: contract law is common law, statute law changes it at a stroke and can be retrospective. Have a look at the Law Reform (Frustrated Contracts) Act 1943 to see how far Parliament has intervened in the past. Those two were desperate times - we were at war then, and the Act prevented claims being lost for goods that were supplied to countries subsequently conquered by the Nazis.
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