In its manifesto published today the Conservative Party steered clear of joining Labour in prescribing changes to UK takeover rules, but reaffirmed its support for a Volcker-style break-up of deposit-taking banks involved in proprietary trading and the abolition of the Financial Services Authority.

Mergers and acquisitions bankers will be relieved to see that the 131-page manifesto, titled "Invitation to Join the Government of Britain," makes no reference to Cadbury or any changes to the rules governing M&A.