Robo-top: The machines that could make your next t-shirt

While the office got built, the bonus tax remained and JP Morgan did not, in the end, stop buying gilts, this episode is an incredible live example of the relative power of government and financial markets, of the actual dynamics of the “bond vigilantes”.

But Spencer says his business is being squeezed from every angle – as well as minimum wage, he has had increases in business rates, national insurance, and statutory sick pay. He also expects energy bills to go up because of the war in the Middle East.

Asked whether he would consider a new agreement, Dombrovskis said: “We are open for further discussions, we know the prime minister has expressed interest, actually, to come back to this issue, and there is certainly openness from the EU side for this.”