The song is based on the Harry Enfield character Loadsamoney

The single, Credit Crunch Christmas, features the chorus: “Sorry we ****** up your Christmas, but really we don’t give a s***.” [> WATCH THE SNEERING VIDEO FOR YOURSELF RIGHT NOW... [> [> One of the bankers, called the City Boyz, claims to have roped in his young son to sing in it. The song was a result of a boozy session and has echoes of Harry Enfield’s loathsome Loadsamoney TV character from the 1980s, with the line: “We have made loadsa money, in fact we’re swimming in it.”

HEARTLESS: Viewers are wished a 'Merry Crunch Christmas'

The song, available from iTunes, starts off innocently, with the child singing about how people are sad due to the credit crunch and how there will be no Christmas lunch or Nintendo toys for many. The video features drawings of dole queues and Woolworths stores closing down before launching into the unapologetic chorus.

It also shows footage of bankers drinking and urinating in a London pub. Later lyrics include lines about people not being able to meet their Visa interest payments. [> WATCH THE SLEAZY CITY BANKERS' VIDEO RIGHT NOW... [> [>

The City Boyz, named as Ciarran “The Brawler”, Dave, Jeremy and Marcus, declined to reveal their employers’ names but are City bankers and stock brokers. One claimed to work for the collapsed investment house Lehman Brothers. City Boyz spokesman Dave said: “We were down O’Neills, p****d as usual and p****d off that we were getting the blame for the crunch all the bloody time.

“Then we all thought you know what, we don’t really give a s**t. We’ve all done OK, sod ’em. One of the guys came up with this chorus. We had the whole pub joining in so we knew were on to something!” In keeping with the City’s reputation for looking after its own interests, royalties from the record will go towards another drinking session.

Dave snidely said: “All the proceeds are going behind the bar…you could say it’s a charity record!” [> [> The song is on track for the Top 100, but the bankers claim that it could get into the Top 10, such is the support they say it is getting from the City.