The City is putting on a brave face. Even hardened Remainers are trying to accentuate the positive as the new Brexit trade regime comes into force.

The UK will now have the freedom to set its own rules, tailored to its own needs, say the optimists who point to encouraging noises coming from ministers. The City has an opportunity to become an even better place to do business, they say, and the government is determined to enhance its attractiveness compared with other international financial centres.