Government U-turns can be good

We have had a few things to say in International Investment over the past six months or so about the unintended consequences of UK Government policy. Without wishing to come over all political here, the current administration at times seems to formulate its fiscal policies based on who has been shouting the loudest most recently. The reform to the capital gains tax system was a response to public outcry over reports that private equity bosses were "paying less tax than their cleaners" - so out went indexation and taper relief. The entrepreneurs (a bit like the private equity bosses, but...