In a week when a leading bank treasurer has warned that the demise of Libor will be ‘bigger than Brexit’, the ticking time-bomb of benchmark reform is risking corporates looking like cartoon characters that don’t fall until they realise they’re running in thin air.

Dixit Joshi, group treasurer at Deutsche Bank, told the Financial Times this week that the “tentacles” of the scandal-tainted interest rate benchmark stretched from big banks and asset managers to consumers.