Tough pensions regulation designed to protect employees in final-salary occupational schemes will prove a pyrrhic victory for unions and the government, a report warned yesterday.

After doubling the promontory of Shan-tung, which is the extreme point eaſt of the Chineſe coaſt, he proceeded firſt to Ten-choo-foo, one of the principal cities of the province: here a ſecond pilot was procured, with more confidence, but with as little knowledge as his predeceſſor.

Of all Thatcher and Reagan’s visions, this might be the one that has enjoyed the greatest popular buy-in: the notion that humanity progresses through innovation; innovation is a function of the brilliance of the individual; individuals can only fulfil their potential with personal freedom; and the state, in all its guises, whether regulatory or taxational, is the main barrier to that freedom.

Ultimately, he will have to make a decision before the end of the week.