Consumer confidence has been the UK's post-Leave Vote safety net. People's minds are the ultimate mystery, but some reasons are clear. 52% of the elctorate feel good about Brexit, interest rates are still hyper-low and (importantly) the U.K. hasn't left the EU yet.

But this is all a side show compared to the UK's structural economic issues. These have been growing since the war (EU or no EU). Consider infrastructure. The OECD says all UK governments have spent £45 billion a year less than they should have on infrastructure. A £45 billion annual infrastructure deficit is unforgivable. Especially when it's known that every £1 of infrastructure investment generates £3 for the economy.

The new government has recognised this and extended infrastructure spending and strategic focus. But the government has a problem. It is becoming more indebted by over £5000 a second. One answer would be to borrow to Trumpian proportions (capital cost is historically low and it's what the US is proposing). However, the U.K. Government seems to have less appetite for debt.

Step forward the private sector. Institutions have long-term pension liabilities and long-term capital. Infrastructure needs patient long-haul capital. It's a marriage made in actuarial heaven. So the government needs to match make it: deregulate the sector, create incentives and be prepared to joint venture with instituonal players of standing. The government has a big instituonal gun to kill the infrastructure deficit. It should fire it.