Now that the UK is released from the shackles of EU rule-making, what is the government going to do with its new freedom? Ministers have so far given few examples of existing financial services rules that they would like to change. Curiously, John Glen, the City minister, has been specific about one rule that the government is not interested in changing any time soon — the cap on bankers’ bonuses. According to the Treasury, Glen has said “there are no plans” to look at it.

In a way this is odd, as it is one of the EU rules that the UK very publicly opposed. George Osborne, the then chancellor, launched an unsuccessful legal challenge to the rule that was introduced in 2014. He was strongly supported by Andrew Bailey, now governor of the Bank of England, who was concerned that the cap would tend to increase banks’ fixed costs and so harm financial stability.