“The Big Bang was about rebooting the City and making sure we didn’t become a backwater,” said Edward Bonham Carter. He was working at Schroders and Electra, the fund managers, in 1986 when a series of radical financial sector reforms under prime minister Margaret Thatcher threw open the gates of the City to the world. Now the vice-chair of Jupiter, Bonham Carter sees the City coming to terms with Brexit, once again raising the spectre of London becoming a backwater.

“The balloon has inflated in terms of growing market share and capabilities, but we now face developing a slow puncture.”