The other view is that is is largely a cosmetic change - which reflects on the general low regard people now have for the banking sector, but does not make a big difference to the ring-fence, for good or ill.

BBC: UK banking reforms: What's new?

"It is absolutely critical that at this time of public sector austerity measures, we do all we can to ensure the now un-ring-fenced School Lunch Grant continues to be channelled towards catering and that school meals remain high quality, nutritious and above all, as affordable as possible for parents, " she said.

BBC: School lunches take-up increases

The economists warned that ring-fencing some areas would "turn the screw" on every other sector that did not benefit from that concession.

BBC: Study warns of 'age of austerity'