This would push the trade surplus still higher, and amplify the misallocation of resources in the investment sector.

Similarly, investment sector performance can be misleading — most sectors contain a very wide range of funds with different approaches and remits.

The gap was largest in the flexible investment sector (-13.7 per cent), global equity income (-10.9 per cent) and technology and telecoms (-6.3 per cent).

However, funds in the socially-responsible investment sector work in very different ways and not all funds that aim to tap into the fight against climate change class themselves as 'ethical'.

The investment sector contains more than 4.5 trillion under management so any change of emphasis or direction of any part of this could make a major difference.