Everyone agrees that there is no desire in the City for a “bonfire of red tape” now that the UK is free to set its own financial rules. However, there seems to be an appetite for a decent barbecue.

This should come as no surprise. Ahead of the negotiations over the future trading relationship, the weight of City opinion was for keeping alignment with EU rules in return for continued access to EU markets. But for many the issue was binary. If something pretty close to the status quo was not on offer then the UK should make the most of its new freedom. Rules should be set according to the needs of the UK and the competitiveness of the City, regardless of what Brussels might do.