Campaigners for more investment in UK-quoted companies are getting just a bit frustrated with the government — and with some of their colleagues in the investment industry. It’s all very well ministers persuading pension funds to put more money into private assets, but what about the poor, unloved stock market, they ask. They have a point.

Rachel Reeves trumpeted the recent Mansion House Accord with pension providers. Those that signed up pledged to put 10% of their default funds into private assets, including infrastructure, private equity and venture capital. But the chancellor seems more cautious about potential reforms to ISAs, which campaigners argue would encourage retail investors to put more money into UK shares.