The UK government’s health and safety obsession is pervasive. From its unintended position deep within the UK banking labyrinth, it is hunting for the exit signs. Spending taxpayers’ money to bail out troubled banks was relatively straightforward.

Now, as bank shares lead the UK equities rally, it is looking for ways to slash the debt incurred when it acquired 70 per cent of Royal Bank of Scotland and 43 per cent of Lloyds Banking Group.