There is still hope for the special purpose acquisition company market in the UK, according to investment minister Lord Grimstone, despite fears that the growth that has materialised in the US will not make its way to London.

While attempts have been made by watchdog the Financial Conduct Authority to clarify how investments in Spacs – blank-cheque vehicles that list and raise money in order to acquire other firms and take them public – are treated, experts remain divided on whether there is sufficient appetite in the City to grow the market.