New Capital Consensus

NCC (1)

This project aims to identify the behavioural, political and regulatory levers necessary to release billions of pounds of private, long-term investment capital to green the UK economy and tackle structural inequalities. 

The New Capital Consensus is a coalition of Chatham House, FinSTIC (IFoA), University of Leeds and Radix Big Tent. Individual members include:

  • Professor Iain Clacher (Professor of Pensions and Finance, University of Leeds)
  • Ashok Gupta, Chair (FinSTIC – Institute and Faculty of Actuaries)
  • Ben Rich (Chief Executive, Radix Big Tent)
  • Peter Scolley (Managing committee, FinSTIC – Institute and Faculty of Actuaries)
  • Nick Silver (Honorary Senior Visiting Fellow, Bayes Business School)
  • Ana Yang (Executive Director, Chatham House Sustainability Accelerator)


Currently the UK investment system is not providing the long-term investment capital necessary to deliver net zero, from green power generation to sustainable transport to new energy efficient technologies. 

This is due to a mixture of perverse incentives, confused interpretations of ‘value’ and ‘risk’, and siloed knowledge and practices that instead promote short-term investment.

This project will apply a systems approach to understand the current financial system, its stocks, flows, and interrelationships, to identify the leverage points that will enable system-wide change.

This work will contribute to evidence-based policymaking that changes institutional behaviours to release more long-term capital investment to green the economy and tackle structural inequalities.

This project is run by Chatham House’s Sustainability Accelerator.

Advisory panel

  • Charlotte Clark CBE (Director of Regulation, Association of British Insurers)
  • James Palmer (Partner, Herbert Smith Freehills)
  • David Pitt-Watson (Visiting Fellow, Cambridge Judge Business School)
  • Dr Nicola Ranger (Leader, Resilience and International Development Programme, Environmental Change Institute; Executive Director, Oxford Martin Systemic Resilience Programme)
  • Sir Keith Skeoch (Chairman, Edinburgh International Festival)
  • Paul Johnson (Director, Institute for Fiscal Studies)
  • Sir Steve Webb (Partner, Lane, Clark & Peacock)


  1. john beer says

    Ben, as part of this I would like to propose a programme and process to government called ‘The Innovation of Innovation Funding’
    Based on my many years as both an investor and Founder of two machine learning companies (but one (XERO was also one of the NZ companies also supported by the NZ governments assistance and successful exits . Regards John

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