WE ARE sure there must be professions with a worse public profile than banking – but it would be difficult to name any at the moment.

Bankers – and in particular the bonus culture surrounding them – have become the latest whipping boys for the political classes.

Politicians have identified bankers as an easy target, probably to deflect attention from their own wrongdoings. And so the banks have become the latest political football as the phoney election campaign gathers pace.

There is, of course, much public anger and antipathy towards the banks. Most people blame their crazy lending policies for the recession. And let us not forget that all of us bailed out the worst offenders simply to prevent the total collapse of the banking system.

Now the banks are starting to see signs of a recovery and a return to profitability and with it comes much talk of billions being set aside to pay bonuses. Cue both main political parties coming out with action plans to rein in the bankers.

Labour says it is banning cash bonuses for the banks bailed out by the taxpayer. The Conservatives want a limit of cash bonuses – to protect front counter staff – and any other rewards paid out in shares.

As with public services cuts, this is playground politics with the two parties desperately trying to prove who is the tougher.

What is really needed in the banking industry is root-and-branch reform and a proper regulatory system to ensure the excesses that led to the credit crunch never happen again.

What Labour and the Tories are offering are vote-grabbing policies that do little more than place a sticking plaster on a gaping wound.