The lobbying coup of the decade saw a major climbdown on the chancellor’s planned raid on carried interest

“I’m glad I don’t have to look into moving to Paris, put it that way,” said one senior private equity manager from his office near Gloucester Road tube station in the wealthy London enclave of Kensington.

He was among a raft of private equity bosses nursing hangovers in some of the capital’s smartest postcodes on Thursday, a day after the Labour party unveiled its first budget in 14 years. “I don’t often drink these days but a few of us did go out for drinks to celebrate,” he chuckled.