Some say British companies are concerned about the association with what was a hugely controversial war. Equally likely, our businesses are becoming less bold and more risk-averse, petrified into inaction by a crippling health and safety culture. "You have missed it," says a Basrawi MP. "It is such a shame. Relations between Iraq and the UK are fantastic but British business has been very slow to seize the opportunities, unlike the Americans, who live for business."

During my 10-day visit to Basra in June, I drove all over the city, to Um Qasr port and Khor az-Zubayr. I dined in local restaurants, took a boat out onto the water and swam in the Shatt al-Arab, eyeing swathes of land, studded with palm trees, that Ahmed Chalabi has reportedly been buying up with a view to development. I couldn't help thinking as I splashed around: Basra is booming, but where are the Brits?