It is easy to be sniffy about Spacs. Shell companies have been a favourite vehicle of spivs and charlatans for centuries. In their latest incarnation, special purpose acquisition companies display many of the symptoms of a huge bubble. But it would be wrong for the UK to turn up its nose — that could be a missed opportunity for the City, investors and the wider economy.

There is much to find uncomfortable in the Spacmania that has gripped the US in recent months. Some of the Spac shares have gone to crazy heights before any acquisition has even been identified.