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Web Only: the best of the blogs

The five must-read blogs from today, including why Hester's £1m bonus is unworthy.

1. Even by economic standards Hester's £1m bonus is unworthy

Insofar as Hester's job is to raise the value of RBS for the taxpayer, he has failed in the last 12 months, says Chris Dillow at Liberal Conspiracy.

2. Formation of Coalition was biggest gift to Labour in a generation

Miliband doesn't have to be brilliant to either win the next election or become leader of the largest party, writes Tim Montgomerie at ConservativeHome.

3. Postmodern Business Cycles

Paul Krugman explains why the sluggish recovery was predictable -- and predicted.

4. The maths of Nick Clegg's multi-billion tax giveaway

FT Westminster's Jim Pickard asks whether Clegg's acceleration of the personal tax allowance is realistic.

5. Even children are taught Salmond 'do you agree' question is biased

Finally, Political Scrapbook notes that even school students would know why Salmond's referendum question is loaded.