Rachel Reeves’ new measures aimed at getting regulators to refocus on growth over enforcement demonstrate the right ambition. But they are at the wrong pace and targeted at people who are hemmed in by the government's own regulatory mandate, with each limited to a part of the overall system.

We need a regulatory system that accepts investment is a marathon not a sprint. This requires change to how we manage and measure risk to address the dissonance of attempting to wring long-term productivity out of a system wedded to short-term operation.

There is real validity in changing the way regulators operate to deliver more productive capital into socially useful growth businesses. But our research demonstrates the systematic nature of the changes required to really move the dial.

Working together, we can make a real difference. To achieve the Government’s growth objectives and shake off a lack of productivity in the system, we are exploring solutions with Government and industry: solutions like a practical productivity screen to apply to asset allocation, to aid regulators identify productive routes of capital- just one of a number of redesign principles outlined in our upcoming productivity paper.