No taxation without representation” was the cry of colonial entrepreneurs in 18th century America before the revolution. But in 21st century Britain, business still sees its coffers raided without being given chance to vote.
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The pensions industry has joined the financial regulator in using hindsight to say we should have stored away more during the boom years. The snag is, that’s the time when there seems least need to do it.
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Light-touch regulation is about to be axed but self-regulation still exists in one quarter of Canary Wharf. The Financial Services Authority has been allowed to identify its own deficiencies and remedy them. Again.
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