The departure of Dame Alison Rose from NatWest following the Nigel Farage farrago is a victory for those who want banks to stick to their knitting and stop dabbling in politics. It is likely to have a chilling effect on firms’ pursuit of environmental, social and governance aims alongside profits.

How significant the impact will be remains to be seen, but the sudden defenestration of a popular and successful chief executive will concentrate minds in the boardroom (even if, strictly speaking, her crime was breaching customer privacy rather than encouraging wokery). It comes amid a mounting backlash against the focus on ESG issues, particularly in the US, and a significant rowing back on net-zero commitments by the UK government.