Growth is a big issue currently. “Unlocking long term growth” appears on the first page of the budget statement. At the time of writing, the OBR forecast is for the UK to grow 1.1% this year and 2% in 2025. These are historically low rates. If they are not significantly surpassed, it is hard to see how the government can pay for its plans without more tax rises. But, in order to grow, the economy requires access to funding. That largely comes from the financial system. Until recently, the financial system’s efficiency has come under little scrutiny. But that is now changing, as Rachel Reeves’ 2024 Mansion House speech indicates.