Remember all the outrage about the government prioritising “fish over finance” in the Brexit trade negotiations? Towards the end of 2020, City bigwigs were screaming that it was crazy to expend valuable negotiating capital protecting a tiny sector such as fishing, while the enormous financial services industry was being neglected. In the end, the City was almost entirely ignored in the final deal agreed on Christmas Eve.

We are now starting to see the impact of that decision. But judging by the few official figures that have come out so far, the picture is not quite what you might have expected.