Individual income taxes as well as corporate taxes are now far more rooted in the shifting sands of volatile business income and capital profits rather than in the terra firma of wage income that stabilizes payroll taxes.

WSJ: Michael Solon: The Revenue Deficit From Progressive Tax Rates

Mr Wormsley, Citi's main financial adviser on the deal, is accused of encouraging Terra Firma to pay more for EMI by telling Mr Hands that Cerberus Capital Management was still in the race to buy the music group.

BBC: Lily Allen

He is back on terra firma when he argues that the euro will put a strong wind behind the liberalisation of capital markets and will help set Europe's over-regulated economies free.

ECONOMIST: Yves-Thibault de Silguy, euro-navigator