There have been suggestions we should merge all our local government pension schemes to address a perception that they don't back startup businesses. However, the risk is that in fact it could make it harder to direct investment funds to the purpose which the incoming Government rightly view as a priority.

When it comes to the way we govern our country, very few decisions and little power reside outside of Whitehall. It is a weakness that when presented with a problem, such as how we get more money into venture capital from the wider pension industry, the assumption is that taking away something local will help. In fact, the opposite is often the case.