Two weeks ago the UK Chancellor announced he wanted to tax wealthy citizens more in his Budget. At the start of this year Germany raised its capital gains tax. Other European governments are talking tough on taxing the wealthy.

The battle to close the fiscal gaps that have opened up because of the recession and the need to bail out the banks has begun: and the wealthy are on the front line. Governments are desperate to plug huge deficits and are targeting the wealthy, who have fallen out of fashion with electorates, to raise money.