In the first instance of sovereignty exercised in financial regulatory matters since the UK left the European single market, the Bank of England last week moved to toughen the rules for British banks by suggesting that they no longer count software investments as part of their core capital buffers. If the measure is adopted it could cost UK lenders billions of pounds by forcing them to set aside yet more money to be used in case of resolution or liquidation.

Beyond the technical aspects of the announcement, it looks as if the British regulator was pressing home the point that, contrary to the oft-repeated fears of the EU, Brexit will not lead to loose regulation, at least in financial matters.