A last observation on the highly contentious topic of tax. Avoidance is legal; evasion is not. If politicians have a problem with schemes judged to be legal, the onus is on them to move to change the law to their satisfaction, and not on the supposedly "immoral" tax "cheat" to behave "responsibly". Our last words on the matter will be those of Lord Clyde:

"No man in the country is under the smallest obligation, moral or other, so to arrange his legal relations to his business or property as to enable the Inland Revenue to put the largest possible shovel in his stores. The Inland Revenue is not slow, and quite rightly, to take every advantage which is open to it under the Taxing Statutes for the purposes of depleting the taxpayer's pocket. And the taxpayer is in like manner entitled to be astute to prevent, as far as he honestly can, the depletion of his means by the Inland Revenue."

David Fuller's view Well said by both Tim Price and Lord Clyde.

This letter from PFP also contains his latest comments on the Eurozone crisis and a realistic assessment of UK Gilts' longer-term prospects.