The review of the UK’s share listing regime led by Lord Hill had received such fevered media coverage in advance that it seemed certain that when it was finally published it would prove an anti-climax. After all, the briefings suggested he was merely going to propose a couple of tweaks to the rules governing company flotations in the hope of persuading some technology companies to choose London rather than New York. The idea that the report could be used by the Chancellor to launch a post-Brexit fightback by the City would surely prove a triumph of spin over substance.

Well, hats off to Lord Hill and the spin doctors. Not only does it provide a well-judged blueprint for reform of the listing rules the report goes well beyond its brief with proposals that could signal an overdue commitment by the government to the City’s post-Brexit future.