The worry is that, as the coalition members try to decide which departments take the hit, they will jointly vent their fury on the financial sector as a convenient scapegoat.
Bankers have reason to feel particularly uneasy about the new political arrangements, as it is clear that radical restructuring may be on the cards. The Liberal Democrats' shadow chancellor Vince Cable - now the business secretary - was one of the harshest critics of the City in the run-up to the election. He is an advocate of breaking up the banks and once described investment bankers as 'Scargills in pinstripes', a reference to the former union leader of the UK miners who held the country to ransom in the 1970s through crippling industrial action.
