The public sector has always been seen as the poor relative of every other sector, with high levels of bureaucracy and less ‘sexy’ roles. This has now changed. Of course, there are still ‘steady’ jobs, and ‘steady’ candidates are needed to fill those jobs. But with the increase in PFI and PPP funding and European Union changes (not to mention the 40bn the Government has just promised to inject into the banking system), the public sector is increasingly appealing.

We are finding lots of ex-bankers are looking at public-sector investment strategy roles, which utilise their commercial and deal making skills. These roles are interesting and encompass investment, evaluation and negotiation. They are also stable: Her Majesty’s Prison Service is unlikely to go into administration.

Ex-bankers with excellent experience, professionalism and commercial acumen can make a real difference to the public coffers. By negotiating contracts with the suppliers to the councils, departments and central government, they should have the knock-on effect of decreasing our costs and making all our lives a little better.

When the market picks up in 18-24 months time, these people may be able to use their skills back in banking or consultancy. Alternatively, they may even choose to stay in the public sector and keep the great benefits and the work-life balance on offer there.

It will be interesting to see if the move to the public sector is just a fad that will last until the market picks up. Either way, I don’t see any downside. Taxpayers, bankers and the public sector itself should all benefit.

Andrew Pringle is director of CircleSquare Consulting.