That’s the recommendation included in a report published today by wealth and asset management firm Rathbones.

Building Prosperity focused on a number of areas where Rathbones feel practical reform can support sustainable growth across the country, helping raise living standards in the process.

Key to that will be backing businesses showing ambition and drive to succeed.

“For the UK economy to grow at a faster pace, it is imperative that the country’s most ambitious, dynamic, and innovative firms, and those who lead them, reach their full potential,” the report stated.

“In turn, that means the government needs to ensure they have access to the financing required to do so.

“There is substantial evidence that high-growth firms (sometimes also referred to as ‘scale-ups’) play an outsized role in driving economic growth, through both creating employment and driving up productivity.

“However, data also suggests that part of the reason UK productivity growth has slowed since the global financial crisis is because these firms have not been as successful in supplanting incumbents as their predecessors.

“In other words, business dynamism has fallen. Resources are not being reallocated to more productive firms as quickly.

“There are numerous potential reasons why the UK economy has become less dynamic, ranging from the level of interest rates, to the tax system, to regulation and competition policy.

“While there is certainly more the government can do in many of these areas to boost dynamism, in the short term we think it is critical that it does not take action that exacerbates the problem by further disincentivising saving into pensions and limiting access to external financing.”

With all eyes on Wednesday’s Budget, CEO for wealth at Rathbones Camilla Stowell said: “The central challenge facing the chancellor is how to restore sustainable growth; the answer cannot simply be to keep asking businesses and individuals to pay more.

“Economies need to grow out of high debt burdens, and that means backing the people, businesses and investment that create jobs, generate tax revenues and build prosperity across the country.”