The Bank of England’s remit could be expanded under a Labour government to include a target for improving the UK’s economic productivity by 3% a year — with the opposition party’s latest report warning the country is “ill-prepared” for life outside the EU.

A study into the country’s financial system commissioned by the shadow chancellor John McDonnell has concluded that the Bank should play a part in “focusing the British finance system towards delivering long-term, patient investment” and away from “fundamentally speculative activities”.