Where have all the new businesses gone?
The Chancellor’s appeal to regulators last month for suggestions to boost growth was mocked as evidence that the government itself is hopelessly bereft of ideas. Might as well ask traffic wardens to devise urban regeneration schemes, we scoffed, or food safety inspectors to plan state banquets. But it made sense to the extent that smarter regulation really should have the potential to boost economic activity – and there are signs the message has got through. Bank of England governor Andrew Bailey speaks of using Brexit freedoms to shield smaller UK banks from ‘Basel rules’ that would require them to hold larger reserves. The Financial Conduct Authority chief Nikhil Rathi has
