HSBC’s decision to keep its headquarters in London prompted a huge sigh of relief in Downing Street and in the City. Losing the UK’s biggest bank would have been a serious blow to London’s status as the world’s leading international financial centre.

The stakes were particularly high for the Chancellor. One of George Osborne's flagship policies has been persuading Chinese financial institutions to choose London as their international hub. It would hardly have helped the case for coming here if HSBC was going back there.