We have long known the UK has a productivity problem. We also know our already largely service-based economy is shifting toward an innovation-led one, where high productivity businesses can and do significantly outperform other sectors.

Yet somehow, we have not quite put these two things together, and they come together, primarily, in cities. All 11 UK Core Cities, for example, are in the top 200 for innovation globally but have oddly low productivity by international standards, which demonstrates major untapped potential. On some estimates, bringing all the Core Cities alone up to international levels of productivity would put another £100bn into the economy every year – something worth making an effort for.