It was supposed to provide the certainty they were seeking, but neither London’s financial services executives nor their European competitors will find much to rejoice about in the UK’s withdrawal agreement from the European Union. Rather than ending uncertainty, the City has been presented with a permanent fudge.

If the agreement is voted through the UK Parliament, there will, of course, be some short-term relief that a cliff-edge Brexit will be avoided. But that will be of little consolation, given that instead of clear political and regulatory decisions the UK now faces the prospect of endless talks.