The general perception of the ‘new generation’ of leaders of the profession, John Griffith-Jones and Mark Otty (pictured), is that KPMG’s Griffith-Jones ­ the older and more experienced head ­ will prove to be conservative, while Ermst &Young’s energetic long-distance runner Otty is more likely to be a radical.

TS has a sneaking suspicion that Otty may turn out to be like David Cameron, a new style disguising conservative ideas. Griffith-Jones rose to his chief executive role under Mike Rake’s watch, emerging not unlike Gordon Brown to Rake’s Blair.

Will he prove to be the radical nonetheless? Insiders describe him as shy. For public utterances, watch this space.