Today we welcome a Pre-Budget Report that drew clear dividing lines between Labour and the Tories - containing some bold policies that emphasised greater fairness. Crucially it marked a moment when the Government finally showed The City who is boss. The political significance of today's announcements should not be underestimated.

We are particularly pleased with proposals for a super (or windfall) tax on individual bank bonuses that formed centre-stage of the Chancellor's statement. Over recent months it was Compass who led calls for the Government to rein in the so-called ‘masters of the universe' and curb excessive pay as part of our campaign for a High Pay Commission. We also specifically campaigned for a Banks Windfall Tax in the short term - either on profits or bonuses. The Chancellor finally opted for a windfall levy on the latter and we welcome this as a positive step.

It's worth noting the consistent campaigning of our members and supporters who first helped re-popularise the very concept of windfall taxation last summer and who over recent months helped campaign on high pay that has now led to the one-off levy on individual bonuses. We have shown what a difference we can make in campaigning for positive change.

The one-off levy on bonuses is just the sort of bold and decisive progressive policy a Labour Government should be about. A clear signal to the country that Labour is on the side of the many not the few. While David Cameron may once have offered the empty promise of a ‘day of reckoning for bankers' it was left to a Labour Chancellor to actually deliver it. On that basis we hope today's PBR translates into a further narrowing of the polls and with it the diminishing likelihood of a Tory victory at the next election.

On a more cautionary note we would reaffirm that whilst it's right to intervene and impose a one-off tax on excessive bonuses for the short-term, the Government must now recognise that this will not on its own sufficiently address the fundamental problems associated with excessive pay in the long-term. That is why we believe the urgent case for a High Pay Commission has now never been greater.

We also regret that the PBR did not go far enough in addressing the structural problems with our economy and in particular the country's over-reliance on financial services for jobs, growth and tax revenue. We are also concerned that most of the figures contained in the report are all based on growing consumption levels and rising house prices. We therefore would have liked to have seen greater investment in a Green New Deal - which has the potential to diversify the economy, create new jobs, build energy efficient new homes and deliver sustainable growth. This much needed extra investment to help restructure the economy could of course have largely been paid for by immediately announcing plans to scrap Trident renewal. We also do not believe that our public sector workers - nurses, teachers and cleaners - should be forced to pay for the mistakes of bankers through massive pay restraint.

However, other positive measures we do welcome include the Government's commitment to further close in on tax avoidance at the top and scrapping top rate tax relief for pension contributions. It was good to see a greater emphasis on tax justice and ‘those with the broadest shoulders' being called upon to ‘carry the greatest burden'. Particularly as the Chancellor has now promised to scrap plans to raise the inheritance tax threshold. Many of these ideas were put forward in our recent groundbreaking tax report In Place Of Cuts. We further welcome the real terms increase for schools, hospitals and policing, along with the extension of free school meals and new measures to tackle youth unemployment.

So whilst the Chancellor's announcements may not go far enough towards the radical 21st century economics we should now aspire to, it does mark a further step away from the Neo-Liberal economic agenda of the last three decades. An agenda that allowed those at the top, in particular The City, to shirk their responsibilities to society and a tax policy that allowed high earners to be taxed proportionately less than those on middle and lower incomes. Some may feel this is all a little too late, but the PBR did continue the journey away from Thatcherite taxation policy, a journey first embarked upon in the Budget last March and therefore further evidence of a change of direction in the Government's overall tax and spend policy.

This Pre-Budget report has shown that Labour may be starting to get off its knees, taking the action the economy needs and the people want. This must be the start of a trend to put society before the market that continues right through to the next election and beyond. But finally it is just that - a start - much more must now be done to build the good society we want to see.

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