The tussle for control of Morrisons is the most public evidence of this enthusiasm, which is being fuelled by economic recovery and by the overdue realisation that UK shares have massively underperformed since the Brexit vote, and seem set for a big bounce back. Perhaps there is an analogy with the England football team, whose potential was underestimated and is now being reassessed. Over the past five years, the key US index – the S&P 500 – has surged by 102 per cent, spurred on by Amazon and its other tech stock constituents. The FTSE 100 – which lacks tech names – has risen by just 7 per cent, largely as a result of an aversion to UK shares created by the Brexit vote in 2016.