Speeches by Glen.

“But do you agree with the principle of what the Government are doing?”

“Will be the ones who take it up?”

“Mr Daley, is there anything you would like to add on this? You were talking about the consumer duty before, and the FCA have obviously got quite a significant supervisory toolkit. Would you like to comment on where that sits alongside this reform and how you see them working together?”

“So it is the statutory protections going that you are anxious about?”

“Well, by my simple calculation, that is £3.5 billion or £4 billion that is going to go to CMCs for something that is completely unnecessary.”

“Yes.”

“That is a positive story and it is good to have you here, Mr Vickerstaff, telling us positive things. But where are the vulnerabilities? When you are pursuing a public-private model and different models around that financing, there is obviously a degree of uncertainty; when you are dealing with bodies that have to make…”

“Can I turn to the role that NISTA plays in financing? The Government put forward a Bill to finance the Lower Thames Crossing, but across the portfolio, there will be different profiles. Last month we saw gilt yields hit highs not seen since around 1998. Could you give us a sense of how you manage that exposure to volat…”

“So you combine all these entities to make the best possible case for funding.”

“It is currently possible that the MOD could have a view of reality that differs from other agencies—indeed yourselves—on where it is making progress. It is that disputation that has led to delays in signing off on the DIP, for example.”

“We can draw our conclusions from what you have said. Thank you.”

“The fact remains that a vast majority of admittedly complex procurements and projects are amber and red. People watching this will be thinking, “Who’s getting a grip on that?” I respect what you are saying: I have worked for close to seven years administering civil servants and many of them are capable, but the questio…”

“It was probably a bit nominal before. I am not trying to create a gotcha moment; I am trying to be honest and get answers.”

“We will probably see more of that from now on.”

“What role would you have in the nationally significant challenge of delivering 1.5 million homes? What role does NISTA have in that?”

“What does that actually mean? I totally get the strategy but where does the rubber hit the road in terms of contribution to delivery? This Government have been very clear that 1.5 million homes is a key priority. What decisions would you take to enable a swifter delivery of that Government priority?”

“My final question in this section is around insulation from Governments changing and the 10-year strategy. We obviously respect that some infrastructure projects take longer than one cycle of Parliament. I have UK Health Security Agency in my area, which has gone from Health Protection Agency, to Public Health England,…”

“Mr Vickerstaff, if I could pick up where you left off, last year 80% of the MOD’s major products were rated red or amber for delivery. The NAO made numerous observations about disappointing returns on, for example, the F-35 programme. Given the tension that has played out between the Treasury and the Ministry of Defenc…”

“Can you give a specific example of a major project where your organisation is having a material impact on the delivery pathway?”

“What is your assertion about what happened previously? Were political decisions made before due diligence on suitability was made?”