One More Thing:There was an interesting aside in the Commons select committee hearings into the evils of private equity last week.

Appearing before the committee were Damon Buffini, managing partner, Permira Advisers LLP; Dominic Murphy, partner, Kohlberg Kravis Roberts & Co; Philip Yea, chief executive, 3i Group PLC; Robert Easton, managing director, Carlyle Group.

At one stage the quartet where all quizzed on where they chose to receive their payouts from successful deals - specifically, their interest on the equity of any projects they were involved in.

Interestingly, Dominic Murphy replied he was a UK resident and had an Irish domicile. The chairman of the committee, the Rt Hon John McFall, then quizzed him thus: "So, the carried interest and profit equity participation is paid out in the Republic of Ireland?"

To which Mr Murphy replied: "My personal affairs in terms of the tax position are between myself and the Inland Revenue."

Quite so.