It didn’t take long for the City to voice its disapproval. As soon as the government’s Brexit strategy was unveiled last week, trade bodies such as TheCityUK said it was “regrettable and frustrating” that the prospect of mutual recognition had been dropped. The City of London Corporation added the white paper was a “real blow”, while Inga Beale, the chief executive of Lloyd's of London, said firms would speed up any relocation plans.

Don’t be fooled though. City institutions are masters at this game and they know that no negotiation ever ended well for the person who was happy with what was proposed. Act unhappy and the government might just try that little bit harder to ensure it gets a decent deal for services further down the line. The EU might be tricked too.