FAST FIVE: RaboBank: "It's Hard To Keep Up With All The Escalation"

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Labour is also going to fare badly, however, with the Lib-Dems reinventing themselves as the Remainers' choice, while newbies Change UK are only polling at 3%, below Tommy Robinson's street-brawling skin-heads of UKIP.

Indeed, as our Head of Rates Strategy Richard McGuire pointed out over a decade ago, the Eurovision song contest was perhaps one of the early flags for this populism when grotesque Finnish rock group Lordi won the competition back in 2006 with “Hard Rock Hallelujah”.

Yet as a grizzled, scarred veteran of EU trench warfare for almost thirty years, I remain deeply sceptical.

Winning elections is never quite enough in the European Union.” It's up to you if you find that reassuring or not –markets probably will– but it also suggests we could have folded last Saturday's camp shindig in Tel Aviv into this EU vote and not made an iota of difference to facts on the ground for the average European family.

In the background the US is breaking-up key Chinese firms and global supply-chains, and Hard Brexit would prompt the same thing for Europe: Lordi, Lord.

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