Speeches by Coghlan.

“Mr Johnson, I was struck by something you just said: we are obviously fiscally pretty loose, as you say, and we are running pretty hot in terms of our borrowing capabilities. Is it not slightly extraordinary that we are borrowing money and injecting it into the economy, and yet growth is going down, or is flat? That do…”

“Dr Saleheen, does investment in defence have a more significant positive impact on output and growth than other sectors? Of course, I am thinking about the Chancellor’s focus on using defence spending to boost economic growth and upgrade the long-term GDP forecast in the spring statement.”

“Because if I am reading chart 2.4 correctly, I think you have about a 0.3% bounce back next year.”

“To be slightly more generous to the Government, they announced quite significant increases in both public investment and public R&D. Have you updated your fiscal multipliers and therefore your economic growth as a result of those announcements, and should you?”

“I declare an interest as an alumnus of London Business School. The Chancellor will recall that in November, when she came to the Treasury Committee, I asked her to look at a London Business School paper on using specific public R&D on defence spending to boost economic growth. I was delighted to hear that the Treas…”

“How does PISCES fit into that? The FT reported that multiple venture capital and private equity investors are unlikely to use it. Is there enough demand for PISCES? Is it not a bit of a contradiction in terms?”

“It might have been the FT that characterised an insider trading risk with this. How do you mitigate that, and is it an unfair characterisation?”

“Sure. As someone who used to work in public markets, I am just trying to understand how the market maker demand for this kind of thing would work. You are essentially just creating another form of public market, so why would a PE fund not just want to go and do the normal over-the-counter type of transaction?”

“It sounds to me as though regulatory arbitrage is a significant risk. Of course, the opportunity in this fast-growing market is hugely attractive to the UK, but when Lehman collapsed, one of the biggest issues was that no one knew who the counterparties were. You have done a vast amount of work ever since in the public…”

“Mr Rathi, in a speech in the autumn, you asked whether private markets would be a risk or an opportunity. What opportunities do you see, and to what extent do private markets represent regulatory arbitrage rather than innovation?”

“I thank the hon. Member for securing this debate. I am working closely with him on the Mental Health Bill. Does he agree that one issue for families who are worried about their loved one is that when they are over the age of 18, there can be barriers in law in terms of the presumption of capacity and the Mental Capacit…”

“You have processes.”

“Great, so I can be less formulaic now. Why do you believe the Crown Estate needs the power to borrow, as envisaged by the Crown Estate Bill?”

“Why would it help?”

“How much time will you be spending on Tristan Capital Partners by comparison? How do you split your time?”

“You mentioned already that you are leaving two of your trustee positions. Are there any other positions that you are leaving to make space for this?”

“Thank you, Mr Lewis. Your commercial experience is hugely valuable for this role, but it raises potential independence issues. Do you see there being any potential conflicts of interest with your private sector roles? How will you manage that if so?”

“But that lease no longer exists.”

“You mentioned that you will have one to two days a week on the Crown Estate chairmanship role, but seven to 10 overall.”

“You would not envisage your role to be to help crowd in private sector investment, for example, or having a higher risk tolerance than, say, the private sector.”