Nevertheless, there is a horrifically weak figure for fundraising up to September: just £184 million. In 2021, London was raising capital in the order of £17 billion. London sank to 23rd in Bloomberg’s global IPO rankings this week. No offence to Mexico or Oman, but it is astonishing that those destinations are ahead of the UK for listings. I’d expect the US to be outdoing us — this year American IPOs stand at £40bn — but why is London lagging behind demonstrably much smaller and less dynamic economies?