Regulators are now scrambling to remove the pettifogging rules that block productive investment.

External shocks are always a risk, but pension funds and corporates can help to fund productive investment as government gears up for the 2015 election.

Ultra-loose monetary policy in the form of quantitative easing was supposed to revive growth by bringing forward borrowing for productive investment.

You do not have to wonder whether this gives businesses another reason not to commit to productive investment.

The 1990s was the worst decade of the century (except for the 1930s) in terms of growth, productivity, productive investment, unemployment and standard of living.