Gordon Brown raised union hopes on Tuesday that the government might make tax changes affecting the private equity industry later this year by pledging to “make sure there is justice and equity in the treatment of tax arrangements in that area”.

Amid a growing public debate over the rates of tax which companies and people involved in private equity should pay, Mr Brown said a government review established three months ago was designed to “find out what loopholes were being used and then to take action to deal with it”.