Regulators are not paid to be optimistic, but Sir Howard Davies is being a gloomy about England's prospects in the World Cup. Sir Howard, the final speaker at last week's FESE conference in Brussels, pointed out that no one in London would be making a speech at that time of the afternoon. 'We are all off to celebrate the Golden Jubilee of Her Majesty Queen Elizabeth and England's early exit from the World Cup.

'The Swedes tried to take over our stock exchange recently, but I suspect that their footballers may have greater success.'