Speeches by Glen.

“It is on page 43.”

“Could the OBR have done that, had it wanted to?”

“The OBR’s central forecast did not, I think, take account of the effect of the US tariffs. Obviously, we are trying to scrutinise it as thoughtfully as we can, but it feels like more could have been done. Given how central the US is as a trading partner to the UK, would it not have been more prudent for the OBR, at lea…”

“Could we turn to tariffs? Dr Saleheen, could you explain how Vanguard’s economic models incorporate the effect of US tariffs on the economy?”

“Some say the Government did not go far enough on capital gains tax—it is often seen that way. The Government raised it to 24% but did not completely align it to income levels. There has been some speculation about the behavioural effect in the period leading up to that, in terms of revenues, as people are anticipating …”

“Should we not ask the question of the Chancellor tomorrow then?”

“Would you approach that in a gradual way, or a quicker way? What would your advice be to the Chancellor and her team?”

“Will the hon. Lady give way?”

“I am extremely grateful to the hon. Lady for giving way. I was not trying to suggest earlier that her tenure in office would be short-lived; I wish her every success in her endeavours. I think the spirit of today has been about cross-party consensus, not seeking to make political points about this matter, but what I wi…”

“It is a pleasure to be called to speak in the debate, Ms Furniss. I pay tribute to the hon. Member for Washington and Gateshead South (Mrs Hodgson) for the work she has done on this matter to date and for her powerful advocacy this afternoon. I am drawn to this issue as a result of my recent experience as a Minister in…”

“I hope the Chancellor, next Wednesday in front of the Treasury Committee, will reiterate her commitment not to come back with more tax increases. On page five of the OBR report, paragraph 1.2 states: “While the Government’s planning reforms deliver a modest boost to the level of potential output of 0.2 per cent in 2029…”

“My concern was that when we had the regulatory initiatives grid, which still exists, my experience was that every individual regulator would want to maintain their individual initiative, because it sounded meaningful on its own. However, the collective burden of everyone’s meaningful individual initiatives was, in aggr…”

“You mentioned buy now, pay later. This issue has rumbled on for several years. There is real consumer detriment in some cases, but it is also quite complicated to work out whether somebody has multiple buy now, pay later contracts in place, so there are consequences for regulation. We have been talking about growth and…”

“The truth is that you cannot protect everyone by regulatory intervention, can you?”

“When I was a Minister and I went abroad, the FCA had a reputation as being world-class, but when I came back home, it was less so. The stakeholders would always challenge me and say that there were issues, some of which you have been talking about this morning. One of the things we had was a regulatory initiatives grid…”

“You want to give a signal earlier.”

“When we think about financial services, the UK is broadly very competitive if you look across Europe. However, it is always cited that the US is the place where things are faster, with higher growth and so on. Do you have a perspective through the international networks that you operate in as to how we are doing in ter…”

“I acknowledge that progress, but in terms of what is outstanding, one of the things that I think firms would probably say is that the interface with the FCA can sometimes be quite clunky, and the iterative process is not as smooth or as quick as necessary. When you are an entrepreneur, burning through risk capital, you…”

“One of the things that you have done under your leadership is initiate and lead a transformation programme for the FCA. I think we all appreciate that the transformation programme is trying to transform an organisation of nearly 5,000 people, and you have said in the past that Governments over time have added more and …”

“Can I give you one specific example? When I was involved in this, there was a consultative process with the Government about cards, and about increasing the limit for making card payments from, I think, £30 to £100. Some people, including the Prime Minister at the time, said that we did not need any limits at all. The …”