When Brexit Secretary David Davis made a speech at the London headquarters of Swiss bank UBS earlier this month, there was one message he wanted the City of London to hear loud and clear – it is not possible to recreate, or duplicate, another leading financial centre in Europe.

It was not the first time financial institutions have heard that message since the EU referendum. One of Britain’s most successful sectors, making up 10.7pc of the UK economy, the industry has been subject to a charm offensive from senior government figures for months.

Chancellor Philip Hammond used his Budget last week to reassure Britain’s £7 trillion asset management sector that it was going to get more attention after Brexit, while Theresa May met with Jamie Dimon, the boss of US bank JP Morgan, two weeks ago.

But it isn’t enough.