The City seems to be playing a high-risk game over Europe. Given the banks’ recent record on risk management, this is worrying.

Firms that want the UK to stay in the European Union are mainly adopting one of two strategies. The first is to stick to the line encouraged by Downing Street, which is to back remaining in the EU as long as the government succeeds in renegotiating the terms of the UK's membership. The second is to keep quiet.