To overhear an investment banker explain to his spouse while waiting to board an aircraft: “Darling, all this publicity about bonuses means we will be richer soon,” is a galling reminder of the disconnect between financial services and the real UK economy. Britain’s latest growth figure is another. The City had forecast the economy would expand slightly between July and September. Instead, the UK economy continued to shrink, by a startling 0.4 per cent since the second quarter.

Almost everything got worse. Manufacturing fell at a 10 per cent annualised rate. Construction dropped by 13 per cent. Business services and finance continued to decline – albeit at a slower pace, which might help explain the City’s relative optimism. Only government consumption did not fall through the floor. The biggest drop, though, was in hotels, catering and distribution, sectors most obviously exposed to consumers. Britain’s plucky spenders appear to have thrown in the towel.