Coutts & Co can trace its history back to the late 17th century and during that time it has experienced recessions, depressions, financial turmoil and various changes of ownership. But never in its more than three hundred years of existence has it been owned by the government – that is until yesterday.

The Queen's bank, as it is often referred to in the UK, is 100% owned by the Royal Bank of Scotland, which yesterday ended up being bailed out by the British government to the turn of £20bn - and effectively passing 60% control over to Whitehall.