I'm going to take this on to another track, because I'm not sure that we're going to get a second round on this team. I'm going to take you onto a slightly different track now that has to do with following money to tax shelters.
I'm talking about tax havens.
I mean tax havens.
There are constants in regulatory theory. One is regulatory lag: we're always a little bit behind the people we're trying to regulate. Another one is regulatory capture: we often have people from the same domain, so they tend to look at things the same way. If people are used to having tax havens and they've always been part of their lives, and then they come in to regulate in the public sector, they'll tell you that this is the way things are.
Is that something we should be looking at as part of the solution as we come out of this? We're going to be looking at restructuring things such as pensions. We had good hearings on that today. We have a lot of work to do as parliamentarians to try to put in the structures to make sure that things are more solid next time around as we get away from the Milton Friedmans of this world who have told us that we should stop worrying our little heads about this; we didn't understand it anyway. It looks like nobody understood it, or at least some parts of it.