Speeches by Baldwin.

“Putting up a sticker saying “No Labour MPs welcome here” is obviously a successful strategy if you want to get a change from the Treasury. However, what we have ended up with will lead to real complications on our high streets, because a pub that is helped by today’s announcement will be next door to a restaurant that …”

“I think it is unprecedented at such an event for only one Government Back Bencher to speak, and the hon. Member for Liverpool Walton (Dan Carden) very bravely spoke against the deal. It is very important that the sovereignty of these islands remains British. That was highlighted in the Labour manifesto, which stated: “…”

“I have one final question. It is about working from home. The FCA has been asking people to move from 40% of time in the office to a different number. Is there a policy on this at the PRA? Is it changing?”

“Is that something that you keep under continual review?”

“I have two quick questions, if I may, for Mr Woods. As you look back on your career, we have heard that the thresholds have been raised a few times. It seems logical to me that they should grow in line with the economy or something like that. How big is a systemically important bank today?”

“There are no specific commitments in terms of reduced turnaround or timelines?”

“You do get feedback, I am hearing, then. It is a very slow process. It can take a long time.”

“Are you happy with how quickly the PRA is approving custom internal ratings-based models and things like that? Do you get any feedback on that?”

“Do you hear from challenger banks that there are things that the PRA ought to be doing differently? It is good to hear that senior managers regime permissions are coming through faster. What other challenges do you get from industry that you are taking into your role at the PRA?”

“Mr Jenkins, I imagine that the people who bend your ear tend to be the fintechs, start-ups and challenger banks. I wonder what sort of challenges you are hearing from them. It is disturbing when we read in the press about Wise deciding to move. Some 50% of fintechs are rumoured to be thinking about relocating from the …”

“You have not heard anything directly. Mr Bailey, you have described and defined the asset qualities in these changes. Are you comfortable that the industry is happy with the scope of those productive assets that can now be included in the matching adjustment?”

“What about the original changes in terms of the regime with the matching adjustment including more productive assets? Are you hearing from the industry that they are happy with the productive assets that have been defined, or would they like a wider scope? What are you hearing?”

“Are you happy that the limits are appropriate for the industry, the 5% and the £2 billion?”

“In your external role, what are you challenging the PRA on here? Are you happy with the announcements that have happened for the matching adjustment investment accelerator scheme? Reading it as a layperson, it looks quite complicated, but that is the nature of the industry, I guess.”

“I want to start with Ms Ngwenya because of your extensive experience in insurance in the private sector. You will be very familiar with the claim that the insurance industry was making that, if Solvency II were tweaked into Solvency UK, there would be an additional £100 billion of investable assets into the UK economy.…”

“I have some more questions.”

“So if Parliament decided it would go tomorrow then it would go?”

“I am going to move on to that. Can I just ask—”

“I am going to ask some questions about the commercial banks and other stablecoins and so on. But specifically on the Britcoin—the Bank of England digital currency on which you did a consultation—you presumably spent a lot of money. How much has been spent so far on the development of that system?”

“Governor, I seem to recall that 2026 was the year in which the Bank was to make a go or no-go decision on the Britcoin. Could you update us on that?”