Here is one reason why Anglo-Saxon financial capitalism might be unpopular on the continent. European companies seem to have a record of overpaying for British assets and then living to regret it. That’s what Spain’s Ferrovial did when it paid a toppy price for airport operator BAA in 2006. Now it has happened to France’s EDF. Seven months after buying nuclear generator British Energy for £12.4bn, EDF is selling a 20 per cent stake to Centrica for £2.3bn – 6 per cent less than it was worth in September.

Some of that difference can be explained by the fact EDF paid top price for control of British Energy. And “losing” £150m is trivial in the context of EDF’s €64bn (£57bn) market capitalisation. But Centrica has not only negotiated a discount on its purchase of the British Energy stake from EDF. It has also sold control of another European utility to EDF for a premium. Centrica bought a quarter share in Belgium’s SPE for €585m in January. Now it is selling it on for 14 per cent more.