Money and old rope often go together and never so often as in public sector appointments. The BBC is sifting through candidates for its vacant position of chairman (salary £81,000 for four days a week), which will inevitably leave a few senior people disappointed.

They should not be too disheartened. Last week, the Pensions Protection Fund, set up by the UK government to give pensioners something to fall back on if their funds collapse, announced it also is looking for a new chairman.