Speeches by Glen.

“You seem to be saying there needs to be greater transparency than exists at the moment. Is that correct?”

“The strategic question is to what extent you can bring reasonable risk within the remit of the Bank’s oversight, for overall stability, without causing a reduction in risk taking and economic gain.”

“I want to probe around the impact that the regulation of banks has had on the development of private credit. As I understand it, you regulate banks in one way and it creates an incentive, or not, to find returns elsewhere. When it goes into that private credit situation, it is not within your oversight but, as you have…”

“Do you think there is a risk in terms of regulators’ knowledge and depth of understanding, given the pace of these incredibly innovative niches of technology, coding and thinking? How do you feel about the capacity to keep up with that?”

“I think that is reasonable. Can I ask you about the dissonance that may exist between the regulators in the US and UK? You have represented the UK regulators and banking in the international forum. Obviously, many people would observe what is going on in politics. Could you say something about what that means for conve…”

“Is it fair to characterise what you just said as, regardless of what happens with politicians in terms of whether they move closer to the EU or the US, there is an underlying depth of interwiring between supervisors across different jurisdictions, which serves us well in all circumstances?”

“Thank you very much.”

“Can we turn to the issue of AI-related asset valuations? Could you tell us what you think about that? You cannot sit here and predict what is going to happen, but people are concerned about companies that are worth more than they really should be, and the implications of a swift, unexpected correction. How do you see t…”

“For the record, does that relationship exist at a similarly strong level vis-à-vis our neighbours in the continent of Europe?”

“In the last 10 years we have done a great job of having more banks.”

“Just to probe you gently on that, the direction of the Prime Minister is that he believes that there is room for a closer relationship. What would you say that would or could look like from your point of view as the deputy governor and head of the PRA?”

“Do you think that the right work is under way in the institution that you are about to rejoin, in essence, to examine whether the PRA supports the Government’s growth and competitiveness agenda? Are you going to do anything new on the assessment of the capital rules vis-à-vis the UK and the US in particular? That is th…”

“You know what the big banks thought till quite recently.”

“Few of them really compete with the big banks today. We have not really cracked that.”

“In the FCA, you have engagement through digital sandboxes and so on, where you bring these innovators in, so that you can understand what they are doing. Is there something similar in the PRA?”

“Over the past 21 months, the Minister has worked tirelessly to try to build on the consensus across the House on the legislation that I put through on 21 May 2024 in order to make the scheme work, and I pay tribute to the work he has done. He has listened carefully to a whole range of inputs on an extremely complicated…”

“When addressing this subject, I think of the 16 years of surgeries I have had where parents have come in to explain their profound dissatisfaction with the way in which the evaluation of their child’s needs has been conducted. One of the most powerful examples was a constituent who came to me and said that their son ha…”

“If we now have a more sophisticated understanding of an individual’s need, and if the provision required to meet that need across society has reached a cost and breadth that is so significant, how do we provide for that given the finite budgets that exist?”

“The hon. Gentleman is making a very moving and powerful speech, but is not the reality that if every single EHCP was properly diagnosed and the need expressed, it would impose an honest but unachievable burden on the state? Will he acknowledge that and address how we come to terms with it?”

“I will not have any more time, so I will not. Let us not peddle a dishonesty by saying that we are going to deliver a perfect system. Frankly, we have got to the point where we need to look at the definitional parameters and get to a more honest conversation about how we are going to actually deal with this problem.”