McKinsey makes the striking claim that "the ratio of UK household debt to disposable income would not return to its pre-bubble trend for up to a decade" - which implies that as we in the UK look for a return to more normal levels of economic growth, momentum is not going to be provided by consumer spending for perhaps up to 10 years.

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Blitzstein expects, however, to see a slowing of growth rather than a burst bubble in part because the trend isn't dependent on one industry, but on an entire economy seeing the value in data.

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While it is difficult to estimate how much of an impact this trend has had on the first-quarter trade balance, it is an important trend to watch since it suggests bubble activity.

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But it is more likely that the trend towards going public is caused by a stockmarket bubble which shrewd financiers want to ride.

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Part of the positive trend in the chart above is that companies born in those challenging bubble years have been exiting and now represent a smaller proportion of the exit universe.

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