In the run-up to the Tory leadership contest in 2019 something curious happened in the upper reaches of the City. Some senior figures who had privately been highly critical of Boris Johnson changed their tune. Despite all his obvious faults, he was the best choice to replace Theresa May as prime minister, they concluded.

Now some of them admit they were wrong. “It was a big mistake. He has been a disaster and I hope ‘partygate’ finishes him off,” says the head of one City firm. He is not alone. It is hard to find much support for Johnson in the City these days as he battles to save his premiership amid mounting pressure over a string of lockdown parties.