Imagine you are the European boss of a US financial firm based in Canary Wharf. Post Brexit you are wrestling with whether to shift more jobs from London into the EU. Since the start of the year it has become more difficult if not impossible to provide some services to EU clients from the UK and you are getting pressure from local EU regulators to move more resources into their patch. Maybe you should. After all, the costs are pretty attractive compared with London.

Then you listen to Rishi Sunak’s Budget. You hear him talk about Lord Hill’s review of the listing rules designed to encourage more technology companies to go public in London. Sounds good.