As the United Kingdom’s Brexit negotiations stumble on, other European countries are using the period of uncertainty about the future regulation of the continent’s financial markets to tempt firms and activities away from London to rival centres.

The French have been particularly active in support of Paris, but Frankfurt, despite lukewarm support from the government in Berlin, has not been far behind. And other cities like Luxembourg, Dublin, and Amsterdam have laid out their own welcome mats. Bankers have not been so popular for a decade or more.