"The third response to the attacks you face is to do more to promote proper venture capital. Remember, the tax treatment that you work under was introduced to boost real venture capital. So the best response you can make to criticism of that tax treatment is to ask again: why does Britain have such poor venture capital funding, compared to the United States?"
"That has got to change. Don't just be a private equity industry - be a venture capital industry too. More transparency. Real social responsibility. Proper venture capital."
"Meet your side of the bargain and I will meet mine."
Now The Observer confirms reports from last week that Osborne is planning to review the tax treatment that applies to private equity.