Special Relationships and Tax Lures

Since Spain is currently classified as one of the PIIGS the group of most overstretched European economies that, were it not for the sake of a good acronym, might also include the U.K. and since Mr. Brown has plenty of problems of his own, the pair might be grateful for any friends they can find.

On Friday, they were stressing the two countries' economic inter-dependence, with Mr. Zapatero— "mi amigo," as Mr. Brown called him—citing the millions of British holiday makers who head to Spain every summer and Mr. Brown pointing out that U.K. exports to Spain are double those to China.

Given the very special nature of this relationship, the two prime ministers announced they were launching a four-point plan to drive job opportunities for young people. Such opportunities are desperately needed in both countries but particularly in Spain where, among under 24 year olds, the unemployment rate is now close to 40%.

Whether this initiative will have much impact on that problem is debatable. A competition for young entrepreneurs to "promote creative thinking in the low-carbon, high-technology new industries of the future" sounds more like something designed to produce photo opportunities than cut the dole queues.

Yet what really seemed odd was that the display of this "special relationship" came just a couple of days before Mr. Brown staged his Global Investment Conference, an attempt to encourage companies from all round the world to invest in the U.K. and help rebuild its badly dented economy.