Was the Financial Conduct Authority leaned on by the Chancellor to scrap its ‘review of banking culture’? Or did it decide pragmatically that its resources would be better devoted to pursuing individual cases of cheating and criminality? I suspect the answer is a bit of both.

Acting FCA chief Tracey McDermott — a no-nonsense northerner and former litigation lawyer — is reputed to be just as tough as her predecessor Martin Wheatley, who was ousted by Osborne last year, apparently for being too much the turbulent priest.