Speeches by Coghlan.

“What is the best way to increase that productivity?”

“Dr Surico, thank you for coming in today—as a London Business School alumnus, I feel like I am back in class. We keep hearing about the doom loop of ever-higher debts, crumbling public services and ever-higher taxes. The Government rightly identify that the way out is growth, so what is the main driver of economic grow…”

“As you have argued in your blog, if you are not seeing failure in the fund, you probably have not succeeded because you haven’t got your risk-reward calibration correct.”

“Professor Lee, in your view, how should the National Wealth Fund be evaluated?”

“In the OBR’s fiscal outlook, it notes that, with the new debt measure—public sector net financial liabilities—there are potential incentives there for the Government to invest through loans and equities via the National Wealth Fund, rather than having them on its own balance sheet, because that does not contribute to t…”

“What qualities do you think the Government need to actively pursue to ensure that the conditions are there for the National Wealth Fund to be successful?”

“As you have argued in your blog, if you are not seeing failure in the fund, you probably have not succeeded because you haven’t got your risk-reward calibration correct.”

“Professor Lee, in your view, how should the National Wealth Fund be evaluated?”

“It is when you use defence spending specifically for defence R&D. You are absolutely right that consumption, buying artillery shells or whatever, does not do anything—or does not do much. The reason for that effect is because of the spillovers into civilian technology. In fact, I believe there is an example in the spen…”

“Mr Kumar, I am slightly surprised by your answer to John Glen on defence spending, because we heard yesterday from Dr Surico that defence spending, when tilted towards R&D, is one of the best ways of driving long-term economic growth. In fact, the Chancellor upgraded our long-term GDP forecast by £11 billion a year in …”

“Building on Yuan Yang’s question, is part of it not that Government R&D would be more focused towards basic research, and then there is the National Wealth Fund? Because you need some form of financial return—even if slightly negative—you presumably cannot do basic research through the National Wealth Fund.”

“I would like to come in with a question. On your point around the National Wealth Fund potentially issuing bonds, how would that impact interest rates, or how could we ensure that issuing large volumes did not have a significant impact on interest rates?”

“It is when you use defence spending specifically for defence R&D. You are absolutely right that consumption, buying artillery shells or whatever, does not do anything—or does not do much. The reason for that effect is because of the spillovers into civilian technology. In fact, I believe there is an example in the spen…”

“Mr Kumar, I am slightly surprised by your answer to John Glen on defence spending, because we heard yesterday from Dr Surico that defence spending, when tilted towards R&D, is one of the best ways of driving long-term economic growth. In fact, the Chancellor upgraded our long-term GDP forecast by £11 billion a year in …”

“Building on Yuan Yang’s question, is part of it not that Government R&D would be more focused towards basic research, and then there is the National Wealth Fund? Because you need some form of financial return—even if slightly negative—you presumably cannot do basic research through the National Wealth Fund.”

“In the OBR’s fiscal outlook, it notes that, with the new debt measure—public sector net financial liabilities—there are potential incentives there for the Government to invest through loans and equities via the National Wealth Fund, rather than having them on its own balance sheet, because that does not contribute to t…”

“In the OBR’s fiscal outlook, it notes that, with the new debt measure—public sector net financial liabilities—there are potential incentives there for the Government to invest through loans and equities via the National Wealth Fund, rather than having them on its own balance sheet, because that does not contribute to t…”

“What qualities do you think the Government need to actively pursue to ensure that the conditions are there for the National Wealth Fund to be successful?”

“As you have argued in your blog, if you are not seeing failure in the fund, you probably have not succeeded because you haven’t got your risk-reward calibration correct.”

“Professor Lee, in your view, how should the National Wealth Fund be evaluated?”