Election? What election? If you look back at the behaviour of the financial markets – equities and gilts – over the few days since Rishi Sunak sprung his July 4 bombshell, prices have barely budged.

Having already broken through the magic 8,000 barrier a few weeks ago, the FTSE 100 index hardly flinched on the election news, news which shocked the PM’s own troops more than the markets. They have been taking the prospect of a Labour government at some point later in the year in their stride for months now so it’s no surprise that asset prices stayed stable. Indeed, the FTSE 100 index closed the week just 1.22 per cent down at 8,317.59.