One of the pledges in the Conservatives’ manifesto was to close down the SFO and have the National Crime Agency assume responsibility for its functions.

Theresa May’s attempts to incorporate the SFO into the National Crime Agency were foiled by her cabinet colleagues while she was home secretary.

Now under a hung parliament, May is likely to have to abandon some of the party’s less popular policies, including closing the SFO.

Barry Vitou, partner and head of corporate crime at law firm Pinsent Masons said: ‘With her authority now seriously dented it is unlikely that Theresa May’s pet plan for the SFO will now be carried through. The SFO is set to stay.’

‘The SFO’s political independence is very important as it helps ensure that it will pursue cases even if that risks embarrassing the government or UK PLC. Operationally it is a much improved outfit and a period of immense change and restructuring could jeopardise those improvements.’

‘What the effort against white collar crime needs in the UK is proper funding not endless organisational change.’