Many years ago, the then chief of a very major US business shared his thoughts with me in respect of the British Establishment. He said that a major problem with the UK is that it is still controlled by holders of assets, in particular land, at inflated prices and that the economy was run accordingly. As a consequence, the incentives to be enterprising and to work hard were diminished. He was particularly struck by how successful the British Establishment had been at keeping a grip on their privilege. A week after I resigned as head of the British Chambers of...