Shares in Japan's Softbank have fallen 10 per cent after it agreed a controversial £24.3bn deal to buy UK chip designer ARM.

Part of the reason that shareholders greeted the idea with horror was that it would dump a pile of debt on the company, but the other reason was the value of the company was expected to plummet after Brexit causes the UK economy to collapse.

It was for this reason that the UK Chancellor Philip Hammond welcomed the deal saying that despite the vote to leave the EU, Britain "has lost none of its allure to international investors". Of course sending profits overseas is just the sort of thing that is good for the British economy under Hammond's new glorious economic plan.

Common sense, as expressed by ARM co-founder Hermann Hauser, said it represented a "sad day" for the UK's technology sector. ARM was a golden child which emerged from the days when the UK used to actually make computers.

Analysts had been hoping that Softbank, which has raised nearly £14 billion in cash through sales of some of its assets, was going to use some of that cash to reduce its debt or reward shareholders.

Instead it has secured a £7 billion bridge loan to finance part of its ARM purchase.

SoftBank has pledged to preserve ARM's existing management team, maintain its headquarters in Cambridge, at least double the number of employees in the UK over the next five years and increase its overseas workforce.