There may be a hidden cost of what has arguably been this country's central industrial policy of the past 30 years, which is that all businesses are for sale to foreigners at the right price: the systematic transfer into overseas hands of so many UK companies may have contributed to long-term erosion of corporation tax revenues.

BBC: The tax choices faced by companies

How can the U.S. stop this erosion of the corporate tax base while keeping U.S.-based firms competitive in international markets?

FORBES: A New Way To Address The International Tax Mess For U.S. Companies

This is to point to the risk of erosion of Europe's tax base.

ECONOMIST: European Union