Over the last decade, the first instinct of institutions with funding headaches was to switch into bonds. According to Barclays strategist Tim Bond, this will not be a wise course to follow in the ten years ahead, no matter what the regulators say.

In Barclays' equity/gilt study, he says the ageing of populations in emerging economies, as well as the west, means people will be drawing down savings, rather than accumulating up. This, and the decision of lenders to go on strike will continue to raise the cost of capital.