Rupert Murdoch has cancelled his summer party in London. This used to be a must-attend event for ambitious politicians. Had the News Corp chief gone ahead this year he would have cut a lonely figure. Once feted in Downing Street, Mr Murdoch carries the indelible stain of the phone-hacking scandal.

The media magnate is not alone in his shame. Recent days have seen the dramatic, albeit long overdue, fall of Bob Diamond. The former Barclays chief executive was forced out after the bank admitted corrupt manipulation of market interest rates and paid a ￡290m fine to regulators.

The British Bankers’ Association took Mr Murdoch’s cue by cancelling its summer reception. Instead of uncorking the champagne, the bankers promised to think “long and hard about our collective behaviour”. This comes four years after the crash brought the economy to its knees.