When reports began to surface at the weekend that Lord Hill of Oareford might land the job of financial services Commissioner in Brussels they were widely dismissed in the City as wishful thinking from Downing Street. So news of his appointment on September 10 came as a big and very welcome surprise.

It had been assumed that the incoming Commission President, Jean-Claude Juncker, would punish Britain for David Cameron's very public opposition to his appointment - not least because Juncker's people had briefed to that effect.