Labour dares not tinker with the City's ancient guilds and their elaborate ceremonies, which offer pinstriped bankers a chance to dress in fancy costumes and dine in grand halls.

ECONOMIST: Ballots for banks

The New Year's Day dip, organised by the Panama Swimming Club at Whitley Bay, regularly attracts a host of people in fancy dress costumes.

BBC: North Sea dippers see in new year at Whitley Bay