More valuable insight from that business lunch, courtesy of Ben Wright:

Lord Mandelson, the Labour politician and prominent Remain campaigner, asked the Chancellor whether, as he looked out at the attendees of the lunch, he felt as if he was addressing "the citizens of the world or the citizens of nowhere?"

It was a reference to Theresa May's speech at the Conservative Party conference in October, in which she said: "If you believe are a citizen of the world, you are a citizen of nowhere."

It was met by appreciative banging of the table by some of the attendees of the lunch.

Philip Hammond said: "We do pride ourselves on being one of the most open economies in the world - not just in terms of trade but also in terms of attitude. The UK is a platform economy. Nobody wants to see Britain pulling up the drawbridge. I welcome the people that bring entrepreneurship and capital to the UK. All that I would ask is that they be good corporate citizens as well as citizens of wherever they come from."