The optimistic message about a future EU deal came from Andrew Hood, a former legal adviser to Mr Cameron, who now holds a top job with an international law firm. After a period of mourning following the referendum, the City has decided to throw its weight behind the search for a tailor-made solution to relationships with the Continent.
Non-EU Norway’s arrangement is unattractive because it involves accepting unfettered EU migration, which Mrs May has vowed to reform. It would also mean paying into the EU budget and obeying Brussels rules in exchange.
Switzerland, another non-EU country, has free trade access to EU markets for some financial sectors such as life insurance but its rules must mirror the EU’s. Swiss banks have not struck a deal with Brussels so do much of their European business in London – at least until Brexit.