The government will do “whatever it takes” to keep the UK as a global hub for financial services, the City minister John Glen promised ahead of the Conservative party conference. It would use all its levers, from tax to regulation to immigration rules, to bolster the attractiveness of the City, he said.

Presumably Glen hoped his declaration would have echoes of Mario Draghi’s pledge six years ago that the European Central Bank would do “whatever it takes” to save the euro. That worked a treat. But for many City observers, Glen’s version rang hollow. And after a party conference season that some senior City figures found deeply dispiriting, the promise seemed emptier still.