It is nothing short of a national disgrace that in 2013 we are still talking about holding an inquiry into the activities of the banking sector in the years leading up to the giving of the guarantee of the 28th day of September 2008, when the need to get to the bottom of the mess was obvious to all that very day.

Michael Jarvis will make a decision later in the week whether to let Ancien Regime take his chance in the John Guest Diadem Stakes at Ascot on Sunday.