Trade union concerns over private equity are growing worldwide. Their demand for action to tame private equity activity has been taken to Angela Merkel, the German Chancellor and host of next week's G8 meeting.

It is not just because mergers and acquisitions are running at record levels, with almost every publicly quoted company at risk of a leveraged buyout. The takeover rumour mill is at full velocity. Trading is frantic. This is nothing to do with long-term commitment.