Jim Armitage: This election rout is good for the City but has lost us some gems

So, the City has got its man.

Shares, currencies and bond markets rejoice. It was the result for which investors had barely dared dream: not just an immediate, stable Government (always the most important factor) but a Right-leaning one without Lib-Dem interference.

However, business should applaud the work done by three Lib-Dems all now queuing up at the Job Centre: Vince Cable, Danny Alexander and, at pensions, Steve Webb.

The Royal Mail float aside, Cable was a good business minister. He won the trust of bosses, formed a much-needed long-term industrial strategy for key industries and did more than anyone to get women into boardrooms.

Alexander was a huge talent at the Treasury, making austerity less painful for the poorest.

Webb was the longest-serving and most radical pensions minister for years, increasing the retirement age, creating the triple-lock rise to state pensions and, of course, freeing up annuities.

The last two need careful implementation in the coming years. Who else has the experience to oversee that successfully.