Dick Saunders, chief executive of the Investment Management Association, has more than enough on his plate – and recently his patience was tested again by a proposal by the UK Treasury that he claims could ruin the £250bn (€358bn) retail investment industry.

As a former Treasury official, he should be in a good position to gauge the threat. Saunders said: "It would not be an exaggeration to say it will kill a large part of the UK unit trust industry. We are in intensive discussion with the Inland Revenue and the Treasury to avert this."