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Writing tongue-in-cheek in the Daily Mail, former City Editor Andrew Alexander writes:

"The means by which the government will fund Son of Railtrack must tax the most ingenious of financiers.

"My own suggestion is that it should be through zero stepped preference shares with a convertible option into indexed bonds under a limited guarantee and utilising a non-open-ended investment trust with a split capital and dividend alternative and optional wind-up, entitling a five-year tax-free roll-up on capital gains.

"But perhaps that is too simple."

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