Shriti Vadera’s name has been known to send shivers through Whitehall, where the woman vilified for dismissing Railtrack shareholders as “grannies [who] lose their blouses” has a reputation for ferocious efficiency on behalf of her one-time boss at the Treasury, Gordon Brown.

But when the Financial Times saw her last week, Ms Vadera was radiating nothing more sinister than an infectious enthusiasm for Britain’s manufacturing sector. After spending her working life in the City and the civil service, she has embraced Britain’s factories and shop floors with all the zeal of the convert.