For better or worse the Financial Services Authority is safe, for now. Despite the best efforts of Osborne to take away its wholesale market regulatory powers, as he has been promising for well over a year, it will be looking after banking regulation for a while long.  The same can’t really be said of its CEO Hector Sants. Sants had announced his intention to depart, but that now will likely come sooner rather than later.

Considerable upset has been caused after it emerged that Sants emailed his entire three thousand strong staff on polling day gently reminding them that the Tories had promised to scrap the organisation and though it may not happen overnight, ultimately the Tories would sack them all. Guido imagines it was a rather awkward conversation with the new Treasury team today. The FSA board are to meet as a matter of urgency to find a replacement.