We live in interesting times. That is certainly true when it comes to the economy. Productivity growth in the UK economy – the amount we each produce each hour we work – has flat-lined for a decade. That is the longest period of stalled growth since the dawn of the Industrial Revolution in the 18th century. And it matters. Where productivity leads, pay follows. That is why the “lost decade” of productivity for companies has been accompanied by a lost decade of pay for workers.

When it comes to measuring the economy’s productive potential, all statistical eyes typically tend to focus on private businesses. This is perhaps because they are seen as the engine of innovation, efficiency and productivity in the economy. The public sector occasionally merits a mention, productivity-wise, though rarely as a beacon of innovation and efficiency. As for the third sector, any mention of issues of productivity and innovation tends to be more sparing still.