There has been much soul-searching around the demise of the FTSE 100. The lack of technology companies. The move of the UK’s pension funds out of UK equities. All of this is true. And companies are choosing to list in the US instead. There was technology firm Arm, building giant CRH and now a major shareholder of tobacco giant BAT is asking for the same.

But are we missing the wood from the trees?

Across a wide range of industries from banking to energy to consumer goods, the largest companies in the FTSE 100 are lagging international peers in terms of earnings growth and strategic credibility. And we lack breadth of industry segments, beyond just technology.

Over the past decade, the FTSE100 has increased by