Bob Diamond insisted at the start of his appearance before the UK Treasury Select Committee on Tuesday that there was no question of Barclays ever quitting Britain. Halfway through his evidence, he didn't seem quite so sure. That's hardly surprising. This proved a thoroughly dispiriting affair.

Billed as a session to discuss competition, it barely touched on the subject, instead degenerating into a platform for grandstanding committee members to display their confected anger over bonuses. Chairman Andrew Tyrie rather sheepishly tried to excuse his committee's boorishness at the end by explaining they were only reflecting the concerns of their constituents.