Good news – yesterday I spoke to, lets just say, a very senior councillor in a British local authority, who told me that "no matter what", their pension fund will not be reappointing “you know who” as their fund managers.

This is because the councillors, who appointed Fidelity in the first place felt deceived by the company, who did not mention their political partisanship when they gave them their presentation.

Also, they do not think it appropriate for fund managers to support any political party. Fidelity has given £415,000 to the tories in recent years.

Tom P also reports that he has had a few “interesting conversations” with people in the investment business, that they share his concerns about the wisdom of Fidelity’s political postulating.

This is his first “scalp” and I have no doubt there will be more.