George Osborne’s budget this week will not gain him any friends politically, however it may in the long-term be remembered as the first indication from the Coalition government that this country is on its way back.

By cutting the top rate of tax of 50% to 45% – still a huge amount of money – the Chancellor has also signalled who he thinks will lead that recovery.

This nation had two things to sell to the world – one is running out in the North Sea and other has got absolute battering because the economy is more exposed than most to the banking sector, of which the City of London is the driving force.

So, at a time when Nicolas Sarkozy is talking of introducing a 75%  tax rate, the best way to attract the brightest from the world of banking, accountancy and finance over here is offer the most attractive rates.

Having said all this, they are also lucky to be here, something that they need to be made aware of as this nation begins its still painful process of recovering from the financial crisis of 2007.