SOCIAL MARKET FOUNDATION FIRST PUBLISHED BY The Social Market Foundation, December 2024 Third Floor, 5-6 St Matthew Street, London, SW1P 2JT Copyright © The Social Market Foundation, 2024 The moral right of the authors has been asserted. All rights reserved. Without limiting the rights under copyright reserved above, no part of this publication may be reproduced, stored or introduced into a retrieval system, or transmitted, in any form or by any means (electronic, mechanical, photocopying, recording, or otherwise), without the prior written permission of both the copyright owner and the publisher of this book. THE SOCIAL MARKET FOUNDATION The Foundation’s main activity is to commission and publish original papers by independent academics and other experts on key topics in the economic and social fields, with a view to stimulating public discussion on the performance of markets and the social framework within which they operate. The Foundation is a registered charity (1000971) and a company limited by guarantee. It is independent of any political party or group and is funded predominantly through sponsorship of research and public policy debates. The views expressed in this publication are those of the authors, and these do not necessarily reflect the views of the Social Market Foundation. CHAIR DIRECTOR Professor Wendy Thomson CBE Theo Bertram TRUSTEES Professor Tim Bale Tom Ebbutt Caroline Escott Baroness Olly Grender MBE Melville Rodrigues 2