The government has rightly resisted calls for the UK to drop its coronavirus support for UK businesses which are registered in tax havens. Worthy figures such as Rowan Williams, the former Archbishop of Canterbury, recently called for the UK to follow the example of France, Denmark and Poland and make companies ineligible for bailout funding if they are registered offshore.

The punitive measures proposed do not appear to be particularly well thought out, not least since companies can of course be registered in one country, and tax resident in another.