04/02 | by Kitty Miv, Editor - There must be something of a 'bunker' mentality among finance ministry staff at present, as they try to match diminishing tax inflows to accelerating interest bills and social costs, while sector after sector demands to be taxed less. This week in the UK it was the turn of the insurers, who told the Treasury that their contribution of GBP8bn a year was threatened by defections if the UK's tax regime didn't become more 'competitive'. Continued, below

Continued, from above. On the very same day, what is left of the UK's betting industry made the same plea, holding up its GBP700m tax contribution in evidence.

Other industries which have been similarly vocal include the hedge fund sector, and investment banking (not much chance for them - they're going to get taxed to within an inch of their lives).

Many other types of company are equally foot-loose and fancy-free, but just leave without making a song and dance about it, such as publishers, trading brokerages, e-commerce providers in general (but not including grocers, obviously), and professional services firms such as architects and accountants.

There is little that the Treasury can do about it any more. With hindsight, one can say that they should have used the fat years to construct sustainable tax regimes for the sectors that were at risk; indeed there were plenty of people telling them to do just that.

But they didn't. Instead, they enjoyed themselves counting and spending all that lovely lolly. Now it's too late.

Ciao, Kitty.