City heavyweights are losing patience with Boris Johnson after the ‘Partygate’ scandal, as support dwindles for a Prime Minister facing calls to quit from within his own government.

“The current Conservative Party has little credibility left with the City,” one asset management chief executive told Financial News. “Its tax and spend, goodies for everyone, and lack of managerial competence is almost [as] impressive [as] it is bad. Current business leaders – rightly or wrongly – are held to a high standard so Johnson's clear flaunting of his own stupid rules doesn’t go down well.”