The point is that a Lib-Con Government here (if it happens) may be paradoxically more likely to intervene than a New Labour one for complicated ideological reasons but also because some populist action directed at the banks might ease the pain of tougher action on tax and spend.

The point about Metro’s image in this context is that if it is preparing to compete with (say) Tesco Bank or even HSBC at a national level, it is a brilliant brand model but it may need to be accompanied by some serious PR efforts to associate lively branding with corporate responsive to still unclear ethical populist demands that are going to emerge as we deal with our debt overhang.

This re-thinking of the social role of our financial services sector could be a major opportunity for ‘lively brands’ (especially as the conservative brands were signally un-conservative in their lending policies) but they need to be handled with sophistication and care. It is not just about lobbying but about understanding public worry about risk and public demand for protective intervention.

Both Banco Santander and HSBC appear to be getting it right at the moment … Metro and Tescos are likely to do so but Metro could slip up if it doesn’t keep its eye on a very volatile political situation and appears to be an agent for another dangerous credit boom amongst the ‘masses’.