For the past two years the end has seemed nigh for the cherished secrecy of the Swiss banking system. A rapprochement between the UK and Switzerland on tax co- operation – expected to be copied by Germany this week – indicates that the obituaries will have to wait a little longer.

Switzerland has agreed in principle to tax Swiss bank accounts held by British investors and remit the proceeds to the UK government. The exact structure is under discussion but might include a one-off levy and a tax on future income earned. In return, Swiss banks can continue to keep the identity of account holders secret.

The clampdown on tax dodgers is welcome – and long overdue. It is legitimate for countries to lower taxes in order to attract businesses and wealthy clients. But it is wrong to help foreign nationals evade taxes they legally owe to their home countries. Switzerland has been doing this for too long.