Maybe it’s the weather but asset management bosses seem a bit less gloomy about Brexit these days. Some, such as Mark Mobius, aren’t worried for the simple reason that they don’t think it is going to happen at all. Yet most of the industry Remainers are resigned to the UK leaving. It is just that they are now wondering whether even a pretty hard Brexit would really be that damaging for their industry.

Is this merely trying to make the best of a bad job, whistling to keep the spirits up and hunting for the silver lining? Or is there evidence that the impact is likely to be less serious than was initially feared? I think there is a bit of both.