Forget failed bankers, save your wrath for public sector bureaucrats with gold-plated pensions. After all, who's footing the bill? asks Alex Pratt

When you're at the coalface, the luxury of taking time over decisions is something you instinctively know leads to your downfall. The customer needs service now, the bank wants its reports yesterday and your staff needs paying today. Sadly, not everyone is bred on the "do today what needs doing today" philosophy.

I can't be the only director watching in disbelief the slow-motion train wreck of our public sector finances. We pray entrepreneurs are going to generate sufficient added value to douse the flames of bank bailouts, loan guarantees and VAT rebates. But nobody believes we can carry our bloated public sector commitments, with funding for pensions alone estimated to require more than £900bn. It makes quantitative easing of £75bn seem pretty small beer.

Hot on the heels of a financial bubble, you'd think that urgent action would be underway. There's complicity between government, its employees and the unions over pay and pensions, which inflates the bubble. Many of my friends are hard-working public servants and even they're embarrassed by the light impact of this global crisis on many of them, when compared with the devastation it has caused those who generate their salaries.

But will the necessary cull come quickly? Sadly, not until the bubble has burst and colossal damage wrought. As we in the private sector are forced to work ever longer and later, the mark of the devil will move from "greedy bankers" to the "selfish gold-pensioned bureaucrats" who profited during our hour of need and failed to give up their golden retirements willingly.

Move over Sir Fred, the "fat crats" are vying for your throne.

Alex Pratt OBE is founder of www.seriousreaders.com