A £4bn UK 'mini Tesla' choosing to list stock in US is worrying

A vibrant, buzzy stock market for tech companies is very useful if you're planning a green revolution

Right on cue, here comes a 4bn stock market listing of a young and exciting UK electric vehicle company - a mini Tesla, if you wish. It's just the thing for ministers to crow about, you might think: evidence that the UK possesses a few fast-growing tech innovators capable of injecting oomph into the government's loose 10-point sketch for a green revolution.

There's just one drawback. Arrival, with its head office in London and operations in Oxfordshire, will not be arriving on the London Stock Exchange. It is listing in New York on Nasdaq, via injection into one of those special purpose acquisition companies, or SPACs, that are all the rage on Wall Street this year.