The First Minister knows that MiFID has nothing to do with the kind of conduct that caused the crash or made it far worse in 2008, when I remind the First Minister, of course, we had a Labour Government, a Labour Chancellor of the Exchequer, and a Labour Prime Minister who himself wanted a light-touch regulatory system. Of course, we all learnt great lessons from that. But, regulation such as MiFID II, which requires this vast amount of information storage and retrieval, is far too great for any regulatory body to be able to use effectively. So, it's imposing a vast cost upon firms and, therefore, the public at large, which ultimately bear the cost of all business taxes, for no practical benefit to anybody at all. The result of that is to drive financial services business away from Europe altogether to places like New York, Hong Kong, Singapore and so on and so forth.

So, for Britain, there's a great opportunity post Brexit, if we can't do a deal with the EU. And nobody ever guaranteed any kind of trade deal with the EU; nobody was able to do that. It's not in our gift to force the EU to enter into a deal with us, we just said that it was in their own self-interest, as indeed ours, to come to an agreement, but nobody can force them to do that. But if no such deal is available, then the world out there is much bigger than Europe: 85 per cent of the global economy is outside Europe. Should we not be positive about those opportunities, rather than relentlessly negative and saying that the future lies in what is a contracting part of the world economy?