Companies grumble about watchdogs, and there’s often room to improve, but the big stuff is in the hands of government

“Every regulator, no matter what sector, has a part to play by tearing down the regulatory barriers that hold back growth,” said Rachel Reeves, the chancellor, after summoning the overseers of the railways, aviation, water and energy industries and more for a pow-wow at No 11. You’d almost think the UK would be transformed into a high-growth paradise if only these regulatory plodders would allow companies to embrace risk-taking.

The reality, sadly, is more nuanced. First, most of these regulators – the likes of the Competition and Markets Authority, Ofcom, Ofwat, Ofgem, the Environment Agency and the Civil Aviation Authority – have had a secondary “growth duty” since 2017. The political urging to take the obligation more seriously may be louder these days, but the duties themselves have not changed.