Even from a walk along St Peter Port’s seafront, with its picturesque marinas and plentiful restaurants alongside the offices of private banks, accountants and lawyers, it is clear that the financial services sector, rather than tourism, is the bedrock of Guernsey’s economy.

There are about 50 licensed banks on the island and the financial and legal services sector employs more than 7,000 of the 31,000 workers there, with about a quarter of those in fund management. That compares with less than 1,000 employed in horticulture and just over 2,000 in hostelry.