In an interview with City dialy CityAM, Cable took chunks out of bankers and other high earners (for a change) and also called for a competition probe into the Big4 and their law firm equivalents, the Magic Circle firms – Linklaters, Freshfields, Allen & Overy, Clifford Chance and Slaughter and May.

CityAM: He said: “You have a kind of magic circle based on reputation. I’m not alleging anything improper, but you’re getting effectively monopoly rates. I think it is a competition policy issue. How easy it is to open up the market I don’t know.

“There is a second tier of the BDO Stoy Haywards who are desperate to get into this stuff. Why they’re impeded, I don’t know. But I have asked the OFT to look at this, and they have agreed.”

More>

Divide and conquer. We still can’t see the head honchos at BDO and other mid-tier firms jumping for joy at his tax plans though.