Woody Allen’s definition of a stock broker is someone who invests your money until it’s all gone. Governments on both sides of the Atlantic seem to be behaving in a similar way these days, handing out bundles of tax dollars and tax euros to financially strapped businesses as if they were sitting on a bottomless pit full of cash.

The banking sector so far has been by far the biggest recipient of this largesse, followed by the automobile industry. Some governments – such as the UK and Germany – are also seeking to pump up consumer demand by cutting value added taxes. Others, particularly France, are focusing on measures to support investment and so-called strategic industries.